China brokers vow to stabilize stock market

China's 21 major securities brokers convened on Saturday, vowing to "firmly" stabilize the country's stock market, which is suffering from continued plunges.

The 21 brokers will spend no less than 120 billion yuan (19.62 billion U.S. dollars) on blue chip-based exchange traded funds(ETF), accounting for 15 percent of their total net assets, according to a joint statement issued by the brokers.

The brokers will not sell the stocks they held on July 3 and buy more in a proper time so long as the benchmark Shanghai Composite Index is below 4,500 points.

The Securities Association of China said in a statement that it appreciated the brokers' decision and asked all broker firms to view China's economic situation and capital market in a correct way and take similar actions to underpin the ailing market.