China is weighing a rescue package backed by offshore money to stave off a slump in its struggling stock markets, according to Bloomberg News.
China is considering a rescue package backed by offshore money to stave off a slump in its struggling stock markets, according to Bloomberg News.
The report, citing people familiar with the matter, said Chinese authorities are aiming to get about 2 trillion yuan ($278 billion), primarily through offshore accounts of Chinese state-owned companies to help stabilize the market by purchasing stocks onshore through Hong Kong markets.
According to Bloomberg, Chinese policymakers have also put aside 300 billion yuan of local funds that would be used to invest into onshore shares through state-owned financial firms China Securities Finance Corp.
