China’s central bank pledges to ‘resolutely’ defend markets amid investor panic

China’s central bank said on Tuesday that it would firmly support the stock market stabilisation efforts by Central Huijin, a subsidiary of sovereign wealth fund China Investment Corp, as markets panicked over the escalating tariff war between the world’s two largest economies.

“We’ll provide relending support if necessary to resolutely defend the stability of the capital market,” the People’s Bank of China said in an online statement.

Central Huijin already intervened in the market on Monday afternoon and it said on Tuesday that it would continue to buy more exchange-traded funds (ETFs) in a bid to stabilise prices.

More to follow...