While investors have said policymakers need to do more for equities to see a sustainable rebound, Beijing’s latest measures — including a cut on stamp duty for stock trading and curbs in share selling by major stakeholders — appear to have put a floor under the market for now.
China’s largest banks are preparing to cut interest rates on existing mortgages and deposits, the latest attempt by authorities to arrest a slump in the market and reach the 5% economic growth goal. The largest exchange-traded fund focused on Chinese stocks, Huatai-Pinebridge CSI 300 ETF, has seen a surge in inflow this month, a sign that some investors have been buying the dip and betting on a turnaround.
Foreign investors sold 2.5 billion yuan of onshore stocks on a net basis, on track for a record monthly withdrawal.
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