China Denies Stock Market Rescue Team Has Given Up

China’s securities watchdog has denied that some members of its “National Team” of state investors, tasked with stabilizing the stock market for the last three years, have been dumping their holdings.

In a brief statement issued on Monday after the country’s benchmark stock index fell 2.18%, the China Securities Regulatory Commission (CSRC) said that the state actors had actually been increasing their holdings of A-share companies, and that reports that five state-backed funds were liquidating their investments were misleading.