Haitong Securities has agreed to invest up to RMB 15bn ($2.42bn) in buying stocks (blue-chip ETFs) in mainland China's equity markets, to assist the regulators and central bank in their efforts to stabilise the market, which had fallen nearly 30% in three weeks; Haitong's commitment is separate to the agreement it had earlier entered into, in which several Chinese securities firms committed RMB 120bn ($19.3mn) towards buying stocks to stabilise the market. Published: 2:15pm, 7 Jul, 2015 Updated: 2:16pm, 2 Sep, 2016 The deal was announced on Monday by a joint statement from the two companies, with both companies saying that they would "support each other as we work together for stability of the market".
Haitong Securities has agreed to invest up to RMB 15bn ($2.42bn) in buying stocks (blue-chip ETFs) in mainland China's equity markets, to assist the regulators and central bank in their efforts to stabilise the market, which had fallen nearly 30% in three weeks; Haitong's commitment is separate to the agreement it had earlier entered into, in which several Chinese securities firms committed RMB 120bn ($19.3mn) towards buying stocks to stabilise the market. The deal was announced on Monday by a joint statement from the two companies, with both companies saying that they would "support each other as we work together for stability of the market".