China intensifies stock market defense with national team purchases and buybacks

China escalated its market defense as state-backed funds directed 76.7 billion yuan into a basket of nine exchange-traded funds on Tuesday, marking one of the largest inflows on record.

The central bank supported the effort by lowering its relending facility rate to 1% from 1.25% and making the program permanent to fund company share buybacks and stakeholder increases.

Major firms like CXMT Corp. and Suzhou Dongshan Precision proposed expanded share buybacks and cash dividends to bolster investor confidence, though portfolio managers remain cautious.