China’s Sovereign Fund Bolsters Big Four Banks with $722 Million Investment

China’s central government continued to increase its holdings in the country’s top four state-owned banks through its sovereign wealth fund as it continued to bolster the nation’s ailing stock market.

Since October, Central Huijin Investment Ltd. has bought 5.23 billion yuan ($722 million) of stock in the Bank of China, the Agricultural Bank of China, the Industrial and Commercial Bank of China, and the China Construction Bank, according to Friday statements issued by the four banks.