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China brokers to invest US$19b to curb market plunge
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CHINA'S 21 major securities brokers convened on Saturday, vowing to "firmly" stabilize the country's stock market, which has been shaken by continued plunges.
The brokers will spend no less than 120 billion yuan (US$19.33 billion), or 15 percent of their total net assets, on exchange traded funds (ETF) that track the performance of blue chip stocks, according to a joint statement.
These firms will not sell the stocks they held as of July 3 and will buy more, at their own digression, when the benchmark Shanghai Composite Index is below 4,500 points.
They will also actively repurchase stocks in their own company from the market and encourage major stock holders to increase their stakes.
China's top three brokers -- CITIC Securities, Haitong Securities and Guotai Junan Securities -- were among the 21 signatories of the statement.
The Securities Association of China said in a statement that it appreciated the brokers' decision and asked all brokerages to view the economic situation and capital market in a correct way and take similar actions to underpin the ailing market.
Zhang Shuyu, a finance researcher with the University of International Business and Economics, said the brokers' move will likely cushion the downward pressure on the market.
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