BEIJING, Oct 22 (Reuters) - China’s securities companies will set up an asset-management scheme worth billions of dollars to support the development of private companies, the Securities Association of China said on Monday.
Initially, 21 billion yuan ($3.03 billion) will be contributed by 11 brokerages. The scheme aims to attract investments from banks, insurers, state-owned firms and government agencies, with the investments eventually reaching 100 billion yuan, the group said on its website, www.sac.net.cn.
China’s various regulators have separately issued statements to help boost market confidence with new measures since last Friday.
On Thursday, the stock market had tumbled, with Shanghai Composite index touched its lowest in fourth years.
$1 = 6.9411 Chinese yuan Reporting by Min Zhang in Beijing and Chyenyee Lee in Singapore, editing by Larry King