China has set up a Rmb6.3bn ($779m) fund to protect investors in bankrupt securities companies in the latest attempt to boost confidence in its struggling stock market.
The China Securities Regulatory Commission, the capital markets regulator, on Wednesday said the fund was established at the end of August with an initial injection of public funds.
The fund is designed to compensate investors who have accounts in bankrupt brokerage companies, an industry that has been plagued in recent years by scandals, poor controls and mismanagement.