Huijin Functioning as A-Share Market Stabilization Fund
Central Huijin, a wholly-owned subsidiary of China's sovereign wealth fund, China Investment Corporation, has confirmed through the Shanghai Stock Exchange that it has bought two million A-shares each of Industrial and Commercial Bank of China (ICBC), Bank of China, and China Construction Bank (CCB), and will continue to increase its holding of these banks' shares over the next 12 months.
Beijing Makes a Small Move to "Save the Market"
Finally the Chinese Government is beginning to take some action on preventing its stock market from disappearing into an abyss. It comes following its cutting of both the benchmark interest rate by 0.27 percentage point and deposit reserve rate by 1 percentage point on Monday.
US Props Up AIG, And Chinese Investors Question Their Government's Commitment
The US government has made yet another mammoth move to prevent yet another tottering giant from going belly up. Its offer of an $85 billion loan to AIG, a vast insurance company, to save it from short-term terminal illiquidity, has triggered strong reactions from Chinese investors. How is it, they ask steamily, that the US government, upholder of free markets with a strong aversion to intervention in their workings, can make what seem like almost daily moves to save its markets, while the Chinese government, which has shown only the slightest aversion to market interference in the past, has done nothing to relieve the crisis at home?
Australian Bankers Court Chinese Investors, Look for China Investments
Australia has become the favorite investment destination of China's sovereign wealth fund and state-owned enterprises. With international financial markets still all aflutter, China's interest in Australia is also providing opportunities for Australian financial institutions, and Australian investors are showing interest in China's undervalued assets.
SAFE Turns Aggressive in Overseas Investment and Turf War with CIC
The State Foreign Exchange Administration (SAFE) has recently accelerated its investing in overseas stock markets, and British and Australian companies have become its favorite targets. According to the latest figures from a subsidiary of Thomason Financial, by the end of August this year SAFE was holding smaller than 1% shares of nearly 50 British listed companies.
Buffet Rumors Trigger A-share Tremors
The rumor that vastly successful US investor Warren Buffet,warshiped the " God of Investment" in China, planned to sink $500 million into a Chinese company, but was refused, has triggered a round of speculation in China's stock market, pushing some companies' share prices up despite the slumped market. It seems China's A-share investors are now sensitive to any news or rumors.
Hot Money Scapegoated for A-share Market Nosedive
Some overseas hot money may flow back to parent countries due to fluctuations in overseas markets, but the Chinese economy is vast and continues to grow mightily, and withdrawal of some overseas funds will not seriously affect China's markets.
The Sweet, Bitter Olympic Moment for China's Market, Economy
China will have the Olympics on the brain for the next two weeks. People poring over live broadcasts of ping-pong, archery and synchronized swimming can not be expected to keep their minds on their work. Under such circumstances, how can anybody be surprised at the plummeting stock market?
08-08-08 Not so Great for A-Shares
The number 8 is thought to be the luckiest of all numbers in China, so Friday's date, August 8, 2008 (08-08-08), especially chosen for the launch of the Beijing Olympic Games, should be among the most auspicious of all. If that is true, then somebody forgot to tell China's forlorn investors. Five hours before the opening ceremony was to begin, China's A-share market closed on a yet another slump and hopes for establishing market stability have taken a dive with it.
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