China’s “national team” has probably spent about $144bn to bolster the country’s fragile stock market, Goldman Sachs has estimated, raising questions about how much firepower remains if stocks resume their recent sharp descent.
The government has not disclosed either the amount of rescue funds it has allocated to the coalition of state financial institutions — known as the “national team” — or how much of this total has already been invested.
But Goldman estimates that China Securities Finance Corp, the state-owned margin lending agency that is the main conduit for injecting rescue funds into the market, has about Rmb2tn ($322bn) at its disposal.
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