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The Huatai-Pinebridge CSI 300, E Fund CSI 300, China AMC CSI 300, Harvest CSI 300 and China AMC SSE 50 ETF together saw 128.5 billion yuan ($17.9 billion) of inflows so far in January, more than five times the aggregate amount seen in July 2015, when the so-called “national team” jumped in to stem a rout.

A rescue operation is underway in China's equity markets with large and unusual flows into blue-chip funds suggesting a plunge by state-backed investors.It is unclear exactly who is buying, or whether their pockets are deep enough to turn around the sliding market.But analysts say the purchasing

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