China's sovereign fund intervenes to stabilise banks

China's state controled sovereign wealth fund has begun investing in the country's banks after shares hit a 30-month low.

In a move to prop up stabilise the financial sector, Central Huijin, the domestic arm of China's sovereign wealth fund, started buying shares yesterday to help stabilise key parts of the country's financial system, according to the BBC. Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank Corporation and Bank of China said 39.1 million, 14.6 million, 7.4 million and 3.5 million of their Shanghai-listed shares were bought on Monday The purchases - coming after the Chinese stock market hit a 30-month low Monday - had an immediate effect, lifting t...