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China's forex regulator buys $4.2 billion in stocks via new platform
By Samuel Shen and Pete Sweeney
Thursday, March 31, 2016
SHANGHAI, China -- 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, the official Shanghai Securities News reported today.
Buttonwood Investment Platform Ltd, 100-percent owned by the State Administration of Foreign Exchange (SAFE), 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.
Shanghai Securities News said the investments are part of SAFE's strategy to diversify investment channels for the country's massive foreign exchange reserves.
Recent earnings filings show Buttonwood is among the top 10 shareholders of Bank of China, Bank of Communications, Shanghai Pudong Development Bank, Everbright Securities, and Industrial and Commercial Bank of China.
Calls to SAFE were not answered. ...
... For the remainder of the report:
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