Central Huijin investment company has quietly injected US$175 million into three large state-owned banks since late October, Bloomberg reported, citing a report in Shanghai Securities News. Central Huijin, a unit of sovereign wealth fund China Investment Corporation, had previously stated it intended to buy shares in Bank of China (BoC), Industrial and Commercial Bank of China (ICBC), and China Construction Bank (CCB). According to the report, Central Huijin bought US$110.6 million worth of ICBC shares, US$26.6 million worth of shares in BoC and US$40.1 million worth of CCB shares. The move is intended to rebuild confidence in China’s stock market.
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