(MENAFN) China's top securities brokerages said that they would spend USD19.3 billion to buy shares in a bid to stabilize the country's stock markets after a slump of nearly 30 percent since mid-June, Arab News reported.
The pledge follows near-daily official policy moves over the past week, including an interest rate cut and a relaxation of margin lending rules, that have so far failed to arrest the sell-off.
The rout in China's highly leveraged stock market has become a major worry for international investors, who fear a meltdown could further destabilize the global economy even as Greece risks crashing out of the EU.
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