China Cuts Tax on Stock Trading to Boost Market Confidence

The levy charged on stock trades will be halved effective Aug. 28, the government said in a statement Sunday. Trading floors have been abuzz with anticipation of a reduction since Beijing issued a rare pledge last month to “invigorate capital markets and boost investor confidence.”

Authorities have been trying to lure back investors who have soured on the country’s assets as worrying signs mount in the economy, from a property slump to trust defaults and weak consumption metrics. Foreign investors sold mainland China stocks on a net basis for 13 consecutive sessions through Wednesday, the longest stretch ever, data compiled by Bloomberg show.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: Wall Street is higher ahead of speech by Fed’s PowellNEW YORK (AP) — Stocks are rising in early trading, but investors will be closely watching a speech by the Federal Reserve Friday morning. The S&P 500 was 0.4% in the early going, coming off its worst loss in three weeks.
Source: SooToday - 🏆 8. / 85 Read more »

Stocks retreat after Powell delivers cautious message: Stock market news todayStocks reversed lower Friday morning after Fed Chair Jerome Powell said the central bank is 'prepared to raise rates further.'
Source: YahooFinanceCA - 🏆 47. / 63 Read more »