Is China telling state banks to buy stocks?
Do a quick search on Twitter and you’ll see hundreds of accounts sharing the same headline:
‘China state banks ordered to buy stocks to contain selling.’
Take a look:
But where has this headline actually come from?
Asia Markets has tried to confirm the development with its sources, without success.
In fact, one has told us the news is at least two weeks old, meaning the order came well before the current crash.
Late last month, it was reported that Xi Jinping and the Chinese Communist Party made a similar order aimed at stabilizing the local market.
The origin of those reports, however, also seem hazy.
There is no credible proof that China has ordered its state banks to buy stocks.
But if you know more, reach out on Twitter.