A staff member wearing a protective mask, following the coronavirus disease (COVID-19) outbreak, arranges boxes of Kweichow Moutai liquor inside a direct sale store in Beijing, China November 2, 2020. Picture taken November 2, 2020. REUTERS/Tingshu Wang
CHINESE state-backed funds were said to intervene on Tuesday to alleviate declines in the stock market, a sign that the rout had gone too far for policy makers.
The funds, known as China’s "national team, ” stepped in to ensure stability during the government’s key policy meeting in Beijing, according to people familiar with the matter.
A Hong Kong-based trader, who declined to be identified discussing client business, said entities linked to mainland funds were actively buying shares through stock links with Hong Kong on Tuesday.
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