央行“喊话”再贷款支持汇金买入ETF，重点在预期引导

Core Viewpoint - Central Huijin Company is committed to supporting the development of China's capital market and has increased its holdings in exchange-traded funds (ETFs) to stabilize the market amid global capital market volatility and significant declines in the Shanghai Composite Index [2][3]. Group 1: Central Huijin's Actions - On April 7, Central Huijin announced its intention to continue increasing its ETF holdings, emphasizing the value of current A-share allocations [2]. - The People's Bank of China expressed its support for Central Huijin's actions and pledged to provide sufficient re-lending support if necessary [2]. - Central Huijin has been actively buying A-shares and ETFs since 2023, with significant increases in holdings reported by major state-owned banks [3]. Group 2: Historical Context and Operations - Central Huijin was established in December 2003 to inject foreign exchange funds into state-owned banks and facilitate their reform [2]. - In 2007, Central Huijin became a wholly-owned subsidiary of China Investment Corporation, focusing on managing state financial assets [3]. - The company has adopted two main operational strategies: directly purchasing shares of large state-owned banks and increasing its holdings in ETFs, both of which contribute to the stability of the A-share market [4]. Group 3: Re-lending Mechanism - Re-lending refers to loans from the central bank to commercial banks, which can be used to purchase stocks in the secondary market, representing an innovative function of the central bank [5]. - This approach is similar to Japan's central bank, which initiated stock purchase programs to stabilize its market during financial crises [5][6]. - The actions of Central Huijin, supported by the central bank's re-lending, aim to instill confidence in the market without directly engaging in stock purchases, thus avoiding potential concerns about monetary policy [6][7].