Chinese Market loses $4 Trillion Since Last one month

Chinese Markets Plunge USD 4 Trillion


Reuters/ndtv: Hong Kong: The business plans and overseas ambitions of Chinese brokerages are being shelved as Beijing pushes them to use their resources to arrest a dramatic plunge in domestic equity markets that saw its value plunge by $4 trillion since June.

Chinese Markets Plunge USD 4 Trillion

Twenty-one of China’s biggest brokerages were pressed into service last weekend, pledging to spend 15 percent of their net assets, roughly 120 billion yuan ($19 billion), to buy stocks as part of a broad government-led effort to calm what the securities regulator has called panic.

Securities companies, which have raised $29.4 billion through international and local share sales this year, are expected to pump more of their own cash into the market if share prices fall further, executives and analysts say.

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