#China #SWF #buying #bank #shares #Shanghai #exchange
Shanghai’s Pudong district, site of the stock exchange
China is intervening in the Shanghai stock market through one of its sovereign wealth funds, buying more than $65 million in shares in the country’s four largest banks. The move came a day after a major Chinese property firm warned it could default.
The four banks – Bank of China, Agricultural Bank of China, China Construction Bank and ICBC – announced the investments in filings with the Shanghai Stock Exchange on October 11. The China Investment Corporation (CIC) made the purchases through its
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Sovereign Wealth – centralbanking.com
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