CONTAINMENT: Chinese Sovereign Wealth to Buoy Domestic Market
Central Huijin Investment Ltd, a large subsidiary of the China Investment Corporation (CIC), will continue to purchase more exchange-traded funds (ETF) in the Chinese equity markets. Central Huijin also said it would not sell any Chinese equity shares that it owns. On July 8, 2015, the Shanghai Composite fell 8% at market open, eventually closing down at 5.9%. The equity sell-off was equally applied to markets in Hong Kong as well. The Hang Seng index was bruised by one of its largest drops on record.
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