Shorts Beware? China's Plunge Protection Team Stabilizes Stocks With $15 Billion Swap Rescue Plan

Summary

Shorts Beware? China's Plunge Protection Team Stabilizes Stocks With $15 Billion Swap Rescue Plan China's version of the Plunge Protection Team is coming out swinging Monday morning, after the central bank announced earlier today that it would inject a new round of a $15 billion swap facility to rescue stocks from a vicious bear market. After markets closed, the People's Bank of China said it would hold a one-year swap auction Tuesday, with 31 brokerages and funds applying for quotas totaling more than $15 billion. The facility lets financial firms exchange eligible assets for highly liquid…

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