Global Market: Chinese state-backed funds step in with fresh equity purchases after market sell-off

Chinese state-backed funds have stepped in with aggressive equity purchases after a sharp market sell-off. China Reform Holdings Corporation (CRHC) entities deployed more than 50 billion yuan (about $7.38 billion) through special relending facilities and matching funds to support share buybacks and raise stakes in listed companies. Separately, China Chengtong Holdings Group purchased nearly 10 billion yuan of Chinese equities and plans to continue increasing investments in central SOE stocks, technology firms and ETFs, signalling strong state-level confidence in the market.