Posted 3/1/2024, 1:00:44 AM
China Scrambles to Stem $7 Trillion Stock Market Rout, Weighing New Support Measures
- Chinese stocks have struggled since returning from Lunar New Year break, adding pressure on Beijing to provide more support and restore confidence.
- Authorities are looking to put a floor under a $7 trillion stock rout that risks triggering instability.
- Measures announced or reported on since early 2022 include lending rate cuts, replacing the market regulator, funding for developers, and restricting short selling.
- The "national team" of state funds has bought around $9.7 billion of shares in past month to support markets.
- Regulators plan to brief President Xi on the market situation and traders hope for new support measures.