Beijing’s so-called national team of state-backed investors was a net seller of onshore Chinese equities in the third-quarter of this year despite the sweeping rout taking place on China’s exchanges, according to a new report by Goldman Sachs cited by Bloomberg.
The team sold Rmb 104 billion ($15 billion) more A-shares in the three months through September than it bought, the report states. Domestic markets shed around $570 billion in value during the same period.
It is not known, however, whether state institutions have switched their positions since the beginning of October. China’s securities regulator issued instructions at the end of last month that “relevant institutions” were becoming net buyers, although five state funds had sold off all their equity and bond holdings shortly before.