China’s state-run funds have poured in money to shore up stock prices, as regulators struggled to overcome “uber-weak” confidence among global investors, reports the South China Morning Post. The funds, often dubbed the “National Team,” have bought RMB 70 billion ($9.8 billion) worth of local shares over the past month, according to an estimate by Goldman Sachs. State-owned companies and the central bank are among the likely players, the Wall Street bank said, while the sovereign wealth fund has separately confirmed its action.
Chinese leader Xi Jinping is set to receive a briefing from China’s regulators about the state of the financial markets, Bloomberg reported, citing people it did not identify. The briefing, if it takes place, underscores the “urgency in Beijing to prop up the plunging stocks,” it said. The report has not been confirmed or denied.
As a sign of the urgency, Central Huijin Investment, a unit of the $1.24 trillion China Investment Corp and a strategic investor in top Chinese banks, said on Tuesday that it had bought more index-linked exchange-traded funds recently to help maintain market stability. It did not disclose the amount involved.