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Beijing promises continued support to stabilise stocks

5China’s central bank said it would continue to inject funds into the stock market, a move aimed at stabilising stocks after a major sell-off.
Chinese equities were again in negative territory on Tuesday after falling 8.5% the previous day.
The decline put an end to three weeks of relative calm for the market after a 30% drop in June which first prompted the bank to start injecting funds.
Regulators also said they would continue their purchase of shares.
The China Securities Finance Corporation (CSFC) said it wanted to dispel rumours that it had backed off from stabilising the stock market, according to China’s Xinhua news agency.
Investors had been worried by media reports that the CSFC had started to return money it borrowed to stabilise the stock market ahead of schedule.
The CSFC also said there would be a crackdown on short-selling – betting on the decline of shares’ values – with “any malicious trading investigated and severely punished”.
The Chinese government has launched a rescue plan to stabilise the value of stocks including a six-month ban on big shareholders selling their shares.