China state margin lender injects $32 bn into new mutual funds: China Sec Journal

By: | Published: August 4, 2015 8:30 AM

China Securities Finance Corp, the state margin lender tasked with stabilizing the stock market, has injected 200 billion yuan ($32.21 billion) since July into five newly-launched mutual funds, the official China Securities Journal reported on Tuesday.

China Securities Finance Corp, the state margin lender tasked with stabilizing the stock market, has injected 200 billion yuan  ($32.21 billion) since July into five newly-launched mutual funds, the official China Securities Journal reported on Tuesday.

The five funds, managed respectively by China Asset Management Co, Harvest Fund Management Co, China Southern Asset Management Co, China Merchants Fund Management Co and E Fund Management Co, each raised 40 billion yuan from CSFC, according to the newspaper.

CSFC is also managing a 120 billion yuan bailout fund formed by 21 brokerages, and last month provided 260 billion yuan in credit lines to brokerages to help them buy stocks via proprietary trading, after obtaining liquidity support from the central bank.

CSFC has recently become a major shareholder in listed companies including Guangdong Meiyan Jixiang Hydropower Co Ltd , Weifu High-Technology Group Co Ltd and Humanwell Healthcare Group Co Ltd.

($1 = 6.2087 Chinese yuan renminbi)

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