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Earlier post on this is here:

• Bloomberg headline: China mulls stock market rescue package backed by $278 bn

And, response:

• The chatter of a 278bn rescue package for China shares is supporting AUD/USD

Adding a little more now:

• Bloomberg reported on Tuesday, citing people familiar with
  the matter.
• 
      Chinese policymakers are seeking to mobilise about 2
  trillion yuan ($278.53 billion), mainly from the offshore
  accounts of Chinese state-owned enterprises, as part of a
  stabilisation fund to buy shares onshore through the Hong Kong
  exchange link
• Bloomberg said Chinese officials have allotted at
  least 300 billion yuan of local funds to invest in onshore
  shares through China Securities Finance Corp or Central Huijin
  Investment Ltd.
      They are also weighing other options and may announce some
  of them as soon as this week if approved by the top leadership
  of the country, according to the report.
      The China Securities Regulatory Commission could not be
  immediately reached for a comment.

This screen shot doing the rounds of social media: