China's Finance Ministry has announced this week that it is to remove the current 0.1% stamp tax on purchases of shares.
The removal of the tax, which has already been reduced once this year from 0.3 to 0.1%, took effect on Friday. The equivalent tax on sales of shares will remain in place.
The Finance Ministry made their decision in the context of plummeting share prices, with the Shanghai Composite Index plunging 7% in one day alone and bank shares dropping dramatically in the wake of the Lenham Brothers' bankruptcy.
After the Finance Ministry's announcement, Chinese share prices immediately rebounded.
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