25 Chinese mutual fund houses seek to speed up application and issuance of equity funds
BEIJING (Reuters) - Leaders of 25 major Chinese mutual fund houses on Saturday promised to subscribe to their companies' equity funds, the latest effort to stem a stock market slide of nearly 30 percent since mid-June.
The firms also would seek to speed up the application and issuance of equity funds, the Asset Management Association of China said in a statement on their website after a meeting in Beijing.
The announcement follows near-daily government 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, which some market watchers fear could turn into a full-blown crash.
(Reporting by Sam Shen and Michael Martina; Editing by Catherine Evans)
