from Zero Hedge
In the latest revelation of just how far China, and its central bank, are willing to go to prop up its ailing local stock market, on Thursday the official Shanghai Securities News reported that China’s foreign exchange regulator has bought mainland stocks worth over 27 billion yuan ($4.18 billion) via three low-profile investment firms it controls.
According to Reuters, Buttonwood Investment Platform Ltd, 100 percent owned by the State Administration of Foreign Exchange or SAFE (which in turn is directly controlled by the central bank, the People’s Bank Of China) and Buttonwood’s two fully-owned subsidiaries, have bought shares in a total of 13 listed companies, the newspaper reported, citing top 10 shareholder lists in the companies latest earnings reports.