Chinese government takes measures to stabilize struggling stock market

Mint March 1, 2024, 02:01 AM UTC

Summary: Chinese stocks have struggled post-Lunar New Year, prompting Beijing to take measures to restore confidence. Actions include a record 25 basis point cut in the key mortgage reference rate, state-backed funds supporting the market, and a change in the head of the securities regulator. The "national team" bought $9.7 billion of shares, and regulators are tightening trading restrictions. The People’s Bank of China provided 150 billion yuan for housing and infrastructure projects.

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