Through commercial Banks under the securities subsidiary body to enter this market and its customers with margin loans.

This is the clearest statement yet about what CSF is doing - buying shares directly using PBoC money, a big departure from its traditional role of lending to brokerages to support margin lending.

But, as Stanley Fischer, governor of the Bank of Israel, pointed out to the Jackson Hole attendees, older tools such as margin requirements or maximum loan-to-value ratios could also be used.