Sep
07
China’s Stock-Rescue Tab Surges to $236 Billion, Goldman Says
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Total spending is equivalent to 9.2 percent of free float
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Investor concern about state paring buying is overdone
China’s government has spent 1.5 trillion yuan ($236 billion) trying to shore up its stock market since a rout began three months ago, according to Goldman Sachs Group Inc.
The “national team” expended about 600 billion yuan in August alone, with the total now equivalent in value to 9.2 percent of China’s freely-traded shares, strategists including Kinger Lau wrote in a report dated Monday. Investor concern about what will happen when the government starts to pare these holdings is overdone, they wrote, citing pastEXPERIENCES
in Hong Kong and in the U.S…
China’s Stock-Rescue Tab Surges to $236 Billion, Goldman Says
