A Caijing Magazine report (via MNI):
- China Securities Finance Corp., has borrowed nearly CNY1.3 trillion from 17 banks as of July 13
- China Merchants Bank is the biggest lender at CNY186 billion
- The Big Four state-owned banks and Bank of Communications loaned more than CNY100 billion each
- China Securities Finance Corp. has a combined line of credit of CNY2 trillion credit line with these banks
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China Securities Finance Corp. was established in 2011 with the approval of the State Council, China's cabinet, and the China Securities Regulatory Commission
- CSF describes itself as "the only institution that provides margin financing loan services to qualified securities companies in China's capital markets".
- Essentially, it's the Government margin lender & its main agent in recent stock-market interventions
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The Shanghai Composite is having a positive session today: