Watchdog may cut trading fees
Source: Agencies |
July 22, 2012, Sunday
|
Print Edition
Print Edition
CHINA'S top securities watchdog said it is considering cutting stock transaction fees by around 20 percent in a bid to boost investor confidence, which would be the third such move this year aimed at shoring up confidence.
The final plan is expected to be unveiled before September, the China Securities Regulatory Commission said in a statement Friday night.
The regulator has already reduced the transaction costs of yuan-denominated A shares as well as all futures a couple of times recently.
On June 1, the Shanghai and Shenzhen stock exchanges lowered transaction costs of A shares by 25 percent, and cut transaction commissions of futures by 30 percent.
Last week, CSRC halved supervisory fees to stock and futures trading and eliminated fees applied to mutual fund and bond trades.
The fees are collected by both exchanges and the official clearing house. The financial impact is not expected to be significant, but is intended to improve market confidence, analysts said.
Chinese stock markets have slumped in the past year, hit by worries over policy tightening and slower growth.
The Shanghai Composite Index fell for the fifth straight week to close down 0.8 percent to 2,186.6 on Friday.
The final plan is expected to be unveiled before September, the China Securities Regulatory Commission said in a statement Friday night.
The regulator has already reduced the transaction costs of yuan-denominated A shares as well as all futures a couple of times recently.
On June 1, the Shanghai and Shenzhen stock exchanges lowered transaction costs of A shares by 25 percent, and cut transaction commissions of futures by 30 percent.
Last week, CSRC halved supervisory fees to stock and futures trading and eliminated fees applied to mutual fund and bond trades.
The fees are collected by both exchanges and the official clearing house. The financial impact is not expected to be significant, but is intended to improve market confidence, analysts said.
Chinese stock markets have slumped in the past year, hit by worries over policy tightening and slower growth.
The Shanghai Composite Index fell for the fifth straight week to close down 0.8 percent to 2,186.6 on Friday.
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