Chinese Stocks Snap Record Run of Outflows as Rescue Clouds Data [BNN Bloomberg (Canada)]
CHINA MRCHNTS BK UNSP/ADR (CIHKY)
NASDAQ:AMEX Investor Relations:
english.cmbchina.com/cmbir/home.aspx
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Source: BNN Bloomberg
Overseas investors snapped up a net 60.7 billion yuan ($8.4 billion) of onshore equities last month via links between Hong Kong and mainland stock exchanges. That halted the record 201 billion yuan of outflows seen from August through January. Chinese policymakers are understood to use the offshore accounts of state-backed funds to help boost the market. One sign the purchases may have been influenced by official market-rescue efforts was that three of the four-largest targets of the inflows in February were bank shares. The nation's biggest banks were the main focus of a previous round of buying from China's sovereign wealth fund. “It's highly likely that to some degree there have been market stabilization forces in the flows through the links with Hong Kong,” said Yu Yingdong, fund managing director at Shenzhen Cowin Capital Management Co. The inflows into financial firms suggest official involvement “as state funds often acknowledged the value in bank shares, but the indexes m
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