Chinese authorities have ramped up their attempts to restore investor confidence in the country’s tumbling stock markets, setting the stage for another turbulent week of trading on the Shanghai and Shenzhen stock exchanges.
The China Securities Regulatory Commission said in a brief statement late last night that the central bank would “uphold market stability” by providing liquidity to China Securities Finance, a state entity that makes margin financing available to brokers.
The regulator’s announcement came after brokers, fund managers and groups planning initial public offerings pledged to help stabilise market confidence over the weekend. The CSRC had said on Friday that CSF’s capital would be quadrupled to Rmb100bn ($16bn).
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