The Shanghai Composite Index has staged a robust recovery since dropping below the closely watched 3,000-point threshold in the middle of last week. Its Monday finish around 3,085 was its strongest close so far this month.
For Chinese funds, he said, “It would be politically incorrect to sell shares at such low valuation.” In the currency market, the yuan has held steady for the past week, trading mostly within a narrow band between 7.10 and 7.20 per dollar. In late September, it weakened as far as 7.2521 to the dollar, its lowest since the 2008 financial crisis.
On Monday, several state-controlled asset managers including E Fund Management Company, China Southern Asset Management Company, and Zhongtai Securities Asset Management said they were investing their own money to buy products, echoing an identical refrain of confidence in China’s capital markets.
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