{"id":1651,"date":"2024-09-25T02:29:10","date_gmt":"2024-09-24T18:29:10","guid":{"rendered":"https:\/\/www.kafeizha.com\/?p=1651"},"modified":"2024-09-25T02:29:10","modified_gmt":"2024-09-24T18:29:10","slug":"%e4%b8%ad%e5%9b%bd%e6%88%96%e5%b0%86%e5%85%81%e8%ae%b8%e5%9f%ba%e9%87%91%e5%85%ac%e5%8f%b8%e4%b8%8e%e5%88%b8%e5%95%86%e4%bd%bf%e7%94%a8%e5%a4%ae%e8%a1%8c%e8%b5%84%e9%87%91%e5%85%a5%e5%b8%82%e4%b9%b0","status":"publish","type":"post","link":"https:\/\/news.tomjun.com\/?p=1651","title":{"rendered":"\u4e2d\u56fd\u6216\u5c06\u5141\u8bb8\u57fa\u91d1\u516c\u53f8\u4e0e\u5238\u5546\u4f7f\u7528\u592e\u884c\u8d44\u91d1\u5165\u5e02\u4e70\u80a1"},"content":{"rendered":"

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\u65b0\u95fb\u6765\u6e90\uff1a<\/b>www.bloomberg.com
\u539f\u6587\u5730\u5740\uff1a<\/b>China to Allow Funds, Brokers to Tap PBOC Funding to Buy Stocks<\/a>
\u65b0\u95fb\u65e5\u671f\uff1a<\/b>2024-09-24
\u539f\u6587\u6458\u8981\uff1a<\/b><\/font><\/p>\n

China said it will allow institutional investors to tap central bank financing for stock purchases and is weighing plans for a market stabilization fund, sparking the biggest rally since 2020 for the nation\u2019s beaten-down equities.The People\u2019s Bank of China will set up a swap facility allowing securities firms, funds and insurance companies to tap liquidity from the central bank to purchase equities, Governor  said at a briefing on Tuesday. There are also plans to set up a specialized re-lending facility for listed companies and major shareholders to buy back shares and raise holdings. The moves will unleash at least 800 billion yuan ($113 billion) of initial liquidity support, though some analysts questioned whether that will be enough to fuel longer-term market gains amid weak economic growth. The CSI 300 , a benchmark of onshore Chinese stocks, surged 4.3% to cap its best day since July 2020. In Hong Kong, a gauge of Chinese shares was up more than 5% intraday.The steps mark the latest effort to stem a selloff in the stock market, after previous measures failed to drive a sustainable rebound. Authorities also  the amount of money banks must hold in reserve and reduced a key policy rate as part of a push to help the economy meet the official annual growth target of around 5%.\u201cWhat surprised the market is the clear direction and funding from the PBOC in being a firm liquidity resort to prop up the stock market,\u201d said , head of equity advisory for North Asia at Union Bancaire Privee in Hong Kong. \u201cIn the near term, Chinese capital markets should enjoy a sweet liquidity honeymoon period, while China is buying time to fix more deep-seated growth problems.\u201d Read more: Beijing\u2019s liquidity support for the stock market will come in the form of a 500 billion yuan swap facility and a 300 billion yuan re-lending facility. Pan said authorities may add another 500 billion yuan in phases.\u201cThis is probably the most aggressive sentiment booster that the PBOC and market regulators can introduce before the US election,\u201d said , senior macro strategist at Lombard Odier Singapore Ltd. \u201cThe overall packaging of these measures was done quite well, with helpful guidance for more easing down the road.\u201dMore details on the swap facilities:Beijing has been weighing the formation of a state-backed stabilization fund since at least October, although some investors doubt it\u2019ll be effective given that previous rescue efforts had limited impact. Sentiment remains depressed as a result of China\u2019s long-running property crisis, weak consumer sentiment and falling prices.\u201cThey have used this tool when the 2015 bubble burst,\u201d said , chief economist at Grow Investment Group. \u201cThe potential funding can be considered unlimited because it is coming from the central bank. But I doubt many fund companies would borrow aggressively to tap this facility at this stage.\u201d have purchased over $80 billion worth of onshore exchange-traded funds so far in 2024, according to estimates by Bloomberg Intelligence, in an attempt to prop up share prices. Regulators have also introduced tighter restrictions on short selling and quantitative trading to reduce volatility and prevent a downward spiral.In April, authorities announced what analysts said was a once-a-decade capital-market reform  which encouraged firms to boost dividend payments, improve the quality of new stock offerings and plug corporate governance loopholes. Earlier in February, China  Wu Qing as the head of its securities regulator in a surprise move.  Read more: China\u2019s 10-year government bond yield climbed three basis points to as high as 2.07%, after sliding to 2% for the first time on record earlier on Tuesday, as investors preferred riskier assets. The yuan also benefited from the improved sentiment, rising toward the key 7-per-dollar level in both onshore and overseas trading.Still down more than 2% in 2024, the CSI 300  is heading for an unprecedented fourth year of losses. In all, more than $6 trillion has been  from the market value of Chinese and Hong Kong stocks since a peak reached in 2021.\u201cThe measures can raise more funds, increase market liquidity, and can also improve market confidence to a certain extent in the short term, but it cannot change the market trend,\u201d said Zhou Nan, founder and investment director at Shenzhen Longhui Fund Management Co. \u201cThere is a high probability that in the short and medium term, the market will have to fall further before it bottoms out.\u201dRead more: <\/pre>\n
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