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China to lower stock transaction fees as markets tumble
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CHINA'S two major stock exchanges decided at mid-night Wednesday to lower transaction fees by around 30 percent after a continued slump in the country's stock market.
Fees are to be cut to 0.0487 permillage from 0.0696 permillage of the transaction volume for A-share trading, with 20 percent of the charges transferred to an investor protection fund, according to the joint statement of Shanghai and Shenzhen bourses.
In addition, China Securities Depository and Clearing Company has announced that it will cut transfer fees to 0.02 permillage of transaction volume from 0.3 permillage and 0.0255 permillage for Shanghai and Shenzhen exchanges respectively.
The cuts will take effect on August 1.
The moves are in respone to a plunging stock market, which turned into a serious stampede in the past two weeks.
The benchmark Shanghai Composite Index sunk 5.23 percent to finish at 4,053.70 points. It has lost more than 20 percent from its peak over the past two weeks, along with deeper declines in indicators in Shenzhen trading house.
The slump came despite government easing measures. The central bank announced cuts in interest rates and the reserve requirement ratio on Saturday. An official draft guideline on Monday gave pension funds the nod to invest in the stock market.
Also, China's securities watchdog on Wednesday allowed stock brokerages to issue bonds to widen their funding channels in a bid to calm margin traders borrowing from brokerage loans.
Brokerage were allowed to issue or transfer short-term corporate bonds via stock exchanges and private equity trading systems between institutions, according to a statement of the China Securities Regulatory Commission (CSRC).
The CSRC said brokerage firms can start the securitization of the right to derive profit from their margin trading business.
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