The Chinese government is buying up shares to prop up its stock market, in a repeat of last years meltdown.
The so-called National Team is injecting cash into the market after Mondays 7% crash, according to a report by Bloomberg News.
The government is also preparing to extend a ban on short selling where investors borrow stocks and sell them, pocketing a profit if the price falls in an effort to keep the stock market bouyant.
The sell-off on Monday saw about $590 billion wiped from Chinese shares, according to the Bloomberg report.
On Tuesday, with an hour left to trade, the Shanghai Composite Index is down around 1.47%.
The reaction is similar to that from the Chinese government over the summer, when shares…
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