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Chinese stock market rout

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Chinese regulators have intervened aggressively to halt a historic slide in mainland equities.From: China Freezes Domestic IPOs to Stem Steepest Equity Slump in Decade

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By 06:54 UTC on November 3, Chinese regulators informally instructed banks to pause domestic initial public offerings and large share sales by existing shareholders. The move aims to restrict the supply of new shares on the market.

The freeze on new offerings followed coordinated intervention by the People's Bank of China on November 2. By 17:02 UTC, the central bank activated a 100 billion yuan, or $15 billion, swap facility for institutional investors. Simultaneously, the borrowing rate for corporate stock buybacks was cut by 25 basis points to 1 percent. Thirty-one financial institutions applied to utilize the one-year liquidity program.

These dual measures to restrict share supply and inject state-backed capital were implemented after the benchmark CSI 300 index dropped 8.5 percent during October, marking its worst monthly performance in more than a decade.

How the story developed

The benchmark CSI 300 index reached a peak in June before beginning a sustained decline. Over the following months, a massive selloff concentrated in artificial intelligence and technology shares took hold.

The market faced mounting structural economic headwinds, including concerns over deflation and a third-quarter gross domestic product growth rate of 4.5 percent.

The benchmark CSI 300 index entered a bear market following an unprecedented 12-week losing streak.From: China Freezes Domestic IPOs to Stem Steepest Equity Slump in Decade ·

Amid these economic indicators, foreign institutional outflows accelerated for eight consecutive weeks.

By October 22, the 10-week rout had erased $2.4 trillion in market capitalization. The CSI 300 index officially entered a bear market, having fallen 20 percent from its June high.

The People's Bank of China has expanded its liquidity facilities to fund stock repurchases.From: China Freezes Domestic IPOs to Stem Steepest Equity Slump in Decade ·

During the initial stages of the market crash, state-backed funds largely refrained from aggressive intervention. This approach allowed equity valuations to reset naturally without immediate government support.

Charts, maps and images

The CSI 300 index recorded its steepest monthly decline in a decade during October 2026.From: China Deploys $15 Billion Swap Facility and Cuts Buyback Rates After CSI 300 Slumps 8.5% ·
The swap facility allows non-banking financial institutions to access central bank liquidity.From: China Deploys $15 Billion Swap Facility and Cuts Buyback Rates After CSI 300 Slumps 8.5% ·
Regulators have deployed a dual-pronged approach to lower borrowing costs and inject liquidity.From: China Deploys $15 Billion Swap Facility and Cuts Buyback Rates After CSI 300 Slumps 8.5% ·
The CSI 300's 10-week decline has officially pushed the benchmark index into bear market territory.From: China's CSI 300 Enters Bear Market as $2.4 Trillion Tech Rout Deepens ·
Structural economic challenges and a massive technology repricing have eroded $2.4 trillion in market value.From: China's CSI 300 Enters Bear Market as $2.4 Trillion Tech Rout Deepens ·
Illustration: Market analysts remain skeptical that supply restrictions and state liquidity can reverse the structural decline in Chinese equities.From: China Freezes Domestic IPOs to Stem Steepest Equity Slump in Decade ·
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Illustration: The $2.4 trillion contraction in AI and technology valuations threatens to constrain future capital expenditures across the sector.From: China's CSI 300 Enters Bear Market as $2.4 Trillion Tech Rout Deepens ·

Timeline

November 2026

  1. China Freezes Domestic IPOs to Stem Steepest Equity Slump in Decade
  2. China Deploys $15 Billion Swap Facility and Cuts Buyback Rates After CSI 300 Slumps 8.5%

October 2026

  1. China's CSI 300 Enters Bear Market as $2.4 Trillion Tech Rout Deepens