China boosts investment in banks to prop up stock market

06/17/2013 | Reuters · Bloomberg · China Daily (Beijing)

China is accelerating the purchase of shares in the nation's four biggest banks as it tries to increase confidence in the stock market. Central Huijin Investment, which manages investment in state-run financial institutions, has bought large blocks of shares in Industrial and Commercial Bank of China, Bank of China, China Construction Bank and Agricultural Bank of China. The banks say they expect Huijin to buy more during the next six months.

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Reuters · Bloomberg · China Daily (Beijing)

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