Reuters reports that China’s state media said yuan-denominated assets remain attractive and that short-term market panic does not represent long-term value, the latest official effort to shore up investor confidence.

“In general, investment institutions generally believe that the current market correction is still a short-term event shock, rather than a reversal caused by changes in fundamentals,” the China Securities Journal said in a front-page commentary.

“The broad investment trend in favor of yuan-denominated assets will not be reversed.”

It added “speaking from fundamental perspective, China’s economy remained steadily improving and on a positive trend, while earnings expectations of listed companies have improved substantially.”

Regulatory moves aimed at the education, property and technology sectors sparked heavy selling earlier this week in Chinese markets, and have left global investors bruised and uncertain over the outlook for investment in Chinese firms.