Wednesday, December 21, 2011

China pension fund to spend $1.6 bln to boost stocks -paper

Larger Smaller Reset SHANGHAI (Dec 21): China's National Social Security Fund (NSSF) plans to spend around 10 billion yuan ($1.58 billion) to boost local stocks, the Shanghai Securities News reported on Wednesday.

The NSSF put the money last Friday into funds focusing on investing in Chinese stocks, the newspaper reported, without citing sources.

There are currently 16 fund companies that the NSSF authorizes to invest on its behalf, nine of which have a total of 20 portfolios focusing on stocks, the paper said. It was unclear which portfolios would receive the money.

In August, local media reported that the NSSF had invested in 5 billion yuan worth of domestic stocks through a brokerage account and may have invested 5 billion yuan more. - Reuters

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