China’s State Administration of Foreign Exchange, or SAFE, through its wholly owned subsidiary Wutongshu Investment Platform Company, is investing in China’s stock market. SAFE is controlled by the People’s Bank of China, or PBoC, and manages China’s $3.2 trillion in foreign reserves.

Wutongshu, along with its two other ventures, Beijing Fengshan Investments and Beijing Kunteng Investments, had taken a major stake worth 27 billion yuan ($4.2 billion) in Bank of China, Shanghai Pudong Development Bank Co., Bank of Communications Co., and Industrial and Commercial Bank of China in 4Q15. The reason that SAFE is buying stocks is unknown, but it is speculated that the PBoC wants to increase its influence on the Market after last summer’s crash.