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State-owned funds in China announced share purchases worth $9 billion, directing government-backed capital into domestic equities after a sharp sell-off in artificial intelligence technology stocks last week.
The buying by entities known in markets as China's "national team" was framed as a measure to prop up prices following that decline.
The $9 billion commitment State-owned investment vehicles in China occupy a specific role in the market: they can be directed to buy equities when sector or index moves attract policy attention.
Following last week's AI technology sell-off, the funds announced $9 billion in purchases.
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