The CSI 300 index is up 2.40% marking the largest move in the five day run.
From Bloomberg via Yahoo Finance, September 23/24:
China is weighing plans for a stock stabilization fund, and will unleash at least 800 billion yuan ($113 billion) of initial liquidity support for its beleaguered equity market. Mainland and Hong Kong shares jumped.
The People’s Bank of China will set up a swap facility allowing securities firms, funds and insurance companies to tap liquidity from the central bank to buy stocks, Governor Pan Gongsheng said at a briefing on Tuesday. There’s also a plan to set up a specialized re-lending facility for listed companies and major shareholders to buy back shares and raise holdings.
Beijing’s liquidity support for the stock market will come in the form of a 500 billion yuan swap facility and a 300 billion yuan relending facility. Pan said authorities may add another 500 billion yuan in phases.
The CSI 300 Index, a benchmark of onshore Chinese stocks, rallied as much as 1.8% following the announcement. In Hong Kong, a gauge of Chinese shares climbed more than 3%....
....MUCH MORE
Recently:
September 22 - Chief Economist of Bank of China International—"Xu Gao's case for stimulus"
This is it. I would assume that he is speaking for the Bank (BOCI) with approval from the Party and the government....September 23 - Follow-Up: "Xu Gao says China must not delay stimulus to its economy"
September 23 - "China Unleashes Stimulus Blitz in Push to Hit Annual Growth Goal"
