State investment arm says has bought ETF

BEIJING - Central Huijin Investment Co Ltd, an investment arm of the Chinese government, announced Sunday evening that it has purchased exchange traded funds (ETF) and would continue to do so.

Central Huijin did not state how much it spent on the ETF, a marketable security that tracks bonds, commodities and a basket of assets.

On Saturday, China's 21 major securities brokers announced they would spend no less than 120 billion yuan ($19.62 billion), or 15 percent of their total net assets, on blue chip ETFs to subdue the recent market slump.

The stock market has been in the doghouse, with the benchmark Shanghai Composite Index tumbling 29 percent in three weeks, including a 12-percent loss last week.