‘Global Central Banks have gorged themselves on sovereign debt in their attempt to jumpstart a sick global economy. Now China has gone one step further – buy stocks too.
(Reuters) China’s foreign exchange regulator has bought mainland stocks worth over 27 billion yuan ($4.18 billion) via three low-profile investment firms it controls, the official Shanghai Securities News reported on Thursday.
Buttonwood Investment Platform Ltd, 100 percent owned by the State Administration of Foreign Exchange (SAFE), and Buttonwood’s two fully-owned subsidiaries, have bought shares in a total of 13 listed companies, the newspaper reported, citing top 10 shareholder lists in the companies latest earnings reports.
Shanghai Securities News said the investments are part of SAFE’s strategy to diversify investment channels for the country’s massive foreign exchange reserves.
This post was published at Wall Street Examiner by Anthony B. Sanders ‘ March 31, 2016.
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