China SWF buying bank shares on Shanghai exchange

Shanghai sunrise
Shanghai's Pudong district, site of the stock exchange

China is intervening in the Shanghai stock market through one of its sovereign wealth funds, buying more than $65 million in shares in the country’s four largest banks. The move came a day after a major Chinese property firm warned it could default.

The four banks – Bank of China, Agricultural Bank of China, China Construction Bank and ICBC – announced the investments in filings with the Shanghai Stock Exchange on October 11. The China Investment Corporation (CIC) made the purchases through its

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