Chinese authorities asked some investment funds this week to avoid being net sellers of equities, as a rout in the nation’s financial markets deepened, people familiar with the matter said.

Stock exchanges issued the so-called window guidance to several large mutual fund houses, telling them to refrain for a day from selling more onshore shares than they purchased, according to the people who asked not to be identified discussing private information. The instructions were relayed to fund managers through investment executives at the firms, they added.

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China Asks Some Funds to Avoid Net Equity Sales as Markets Sink