Chinese Communist Party seems to have convinced firms to buy back shares, prop up market

<p>Reuters reports on plans for more listed companies on China to buy back shares:</p><ul><li> More than 30 Chinese listed companies unveiled share buyback and purchase plans over the weekend while major mutual fund house E Fund Management Co said it would invest in its own product as Beijing steps up efforts to put a floor under a sliding stock market.</li></ul><p><a href="https://www.reuters.com/markets/asia/more-china-companies-buyback-shares-beijing-seeks-stabilise-market-2023-10-30/" target="_blank" rel="nofollow">Reuters report here</a> for more. </p><p>—</p><p>In the face of such CCP intervention many foreign firms are queueing for the exits. Those with substantial operations in China can't just jump out but have diluted plans to reinvest earings in the country. </p><p>Weekly Shanghai Composite chart</p>

This article was written by Eamonn Sheridan at www.forexlive.com.