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China says share purchase continues after market dip Beijing promises continued support to stabilise stocks
(about 14 hours later)
In an effort to prop up its stock market, Chinese regulators said they are continuing their purchase of shares. China's central bank said it would continue to inject funds into the stock market, a move aimed at stabilising stocks after a major sell-off.
The move by China Securities Finance Corporation (CSFC) was made to dispel "rumours that the national margin trading service provider has backed off from stabilizing the stock market," China's Xinhua news service said. Chinese equities were again in negative territory on Tuesday after falling 8.5% the previous day.
Chinese stocks tumbled 8.5% earlier. The decline put an end to three weeks of relative calm for the market after a 30% drop in June which first prompted the bank to start injecting funds.
That was their biggest drop in a single day since February 2007. Regulators also said they would continue their purchase of shares.
The decline followed weak economic data on profit at Chinese industrial firms on Monday and a disappointing private factory sector survey on Friday. The China Securities Finance Corporation (CSFC) said it wanted to dispel rumours that it had backed off from stabilising the stock market, according to China's Xinhua news agency.
Investors were also worried by reports the CSFC had started to return - ahead of schedule - money it borrowed to stabilise the stock market. Investors had been worried by media reports that the CSFC had started to return money it borrowed to stabilise the stock market ahead of schedule.
China's government's rescue plan to keep the value of stocks, or equities as they are also known, has included a police crackdown on short-selling - betting on the decline of shares' values - and a six-month ban on big shareholders selling stocks. The CSFC also said there would be a crackdown on short-selling - betting on the decline of shares' values - with "any malicious trading investigated and severely punished".
The Chinese government has launched a rescue plan to stabilise the value of stocks including a six-month ban on big shareholders selling their shares.