China’s top 21 securities brokerages said on Saturday that they would collectively invest at least 120 billion yuan ($19.3 billion to help stabilize the country’s stock markets after a slump of nearly 30 percent since mid-June. A flurry of official policy moves over the past week, including an interest rate cut and a relaxation of margin lending rules, has failed to arrest the sell-off. The rout in China’s highly leveraged stock market has become a major worry for global investors, who fear a meltdown could destabilize the world’s second-largest economy at a time when growth is already slowing. The brokerages met on Saturday in Beijing to discuss the market situation and expressed “full confidence” in the development of China’s capital markets, a statement on the website of the Securities Association of China said. “Twenty-one securities brokerages will jointly invest 15 percent of net assets as of the end […]