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State ETF Buying Reaches 170 Billion Yuan, Analysts Say China Rally Needs Earnings

China state investors bought as much as 170 billion yuan of ETFs this month, Goldman Sachs estimated, as the CSI 300 entered a bear market. Macquarie and Julius Baer said the purchases may temporarily stabilize trading but need stronger corporate earnings and domestic demand for a lasting rally. Bank of America estimated purchases above 110 billion yuan and said the measures limit downside risk.
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