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China's "national team" of state-backed funds is frequently suspected of buying shares during turbulent times. Large caps like banks are among the most favoured targets, and buying often comes in the afternoon so gains, or at least smaller losses, are locked in for the day. The funds were net buyers of bank stocks in the third quarter, UBS Securities Co. said in November.

 China's stock benchmark is down 24 per cent this year, in line for the worst performance in a decade, as a trade dispute with the United States escalated.

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