(Reuters) China's two major stock exchanges plan to lower securities transaction fees by 30 percent from August, as part of the government's attempt to avert a crash in the world's most volatile stock market.
The Shanghai and Shenzhen stock exchanges will lower the transaction fees to 0.00487 percent from 0.00696 percent of transaction volume for A-share trading, the bourses said in separate statements on Wednesday.
In addition, the China Securities Depository and Clearing Company also said in a statement it would cut transfer fees to 0.002 percent of transaction volume from 0.03 percent and 0.00255 percent for the Shanghai and Shenzhen exchanges respectively.
The cuts will take effect on Aug. 1, the exchanges and clearing company said.
China's equity markets have declined by more than 20 percent since their peak in mid-June, prompting the government to unveil a series of market-supporting measures, such as cutting interest rates and unveiling rules to allow state pension funds to purchase stocks.
Earlier on Wednesday, Chinese stocks continued to tumble, surrendering many of Tuesday's sharp gains, as investors took advantage of the rebound to reduce their leveraged positions.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 4.9 percent, to 4,253.02, while the Shanghai Composite Index lost 5.2 percent, to 4,053.70 points.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 4.9 percent, to 4,253.02, while the Shanghai Composite Index lost 5.2 percent, to 4,053.70 points.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 4.9 percent, to 4,253.02, while the Shanghai Composite Index lost 5.2 percent, to 4,053.70 points.
Source: Reuters by Meg Shen in Hong Kong and Lee Chyen Yee in Singapore
No comments:
Post a Comment