The People’s Bank of China will meet with regulators and major banks on Monday to discuss improving a relending program for share buybacks. The meeting follows an 8.5% October decline in the CSI 300, its worst month in over a decade and its 12th consecutive weekly decline. The China Securities Regulatory Commission plans to amend buyback rules, strengthening requirements for purchases intended to defend share prices, with a focus on companies in major indices and leading technology firms. Authorities also issued direct orders to major tech firms, including Unitree and CXMT, to proactively manage their stock prices after a sharp plunge.
The measures come as the manufacturing index fell to 49.3% in October, with production and new orders indexes down from the previous month.
Read the full storyRegulatory meetings coincided with Apple’s announcement that Qwen will be available in some AI features in China, while a private survey showed manufacturing continued to expand.
Reports said regulators would discuss market-support tools on Nov. 2, while the index rose 1.3% at the midday break amid speculation about an expansion of an existing facility.