BEIJING: For years, investors in China’s stock market took comfort in an unseen backstop: the so-called national team, quietly deploying vast firepower to cushion selloffs and stabilise prices.
The script flipped last week. Record outflows from exchange-traded funds (ETFs)held by Central Huijin Investment, a sovereign wealth fund, sent the clearest signal yet that Beijing is no longer simply propping up the market but actively reining in the rally – a sharp break from past rescue playbooks.
