China Cuts Tax on Share Trading to Bolster Markets

From Bloomberg:

China cut the tax on share trading to support stocks after a 35 percent plunge in the benchmark index, the world’s second-worst performing this year.

Stamp duty charged on stock trades will be lowered to 0.1 percent from 0.3 percent effective tomorrow, the government said in a statement on its Web site after the close of trading today.

The CSI 300 Index rose 4.8 percent before the announcement on speculation the government would seek to revive confidence after $1.9 trillion was wiped from the value of equities this year. The index, which surged sixfold in 2006 and 2007, has slumped on concern efforts to stem inflation close to an 11-year high will curb earnings growth.

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