China's stock exchanges to lower securities transaction fees: Xinhua

stock investor gestures as she checks share prices at a security firm in Fuyang, east China's Anhui province on May 28, 2015. Chinese stocks plunged 6.5 percent on May 28 on concerns over tight liquidity and stricter requirements for margin trading, after closing at a more than seven-year high the previous day, dealers said.
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stock investor gestures as she checks share prices at a security firm in Fuyang, east China's Anhui province on May 28, 2015. Chinese stocks plunged 6.5 percent on May 28 on concerns over tight liquidity and stricter requirements for margin trading, after closing at a more than seven-year high the previous day, dealers said.

China's two major stock exchanges have decided to lower securities transaction fees after sharp falls in the Chinese stock markets, the official Xinhua news agency said on Wednesday.

Xinhua did not immediately provide any further details.

Earlier on Wednesday, China stocks tumbled, surrendering much of Tuesday's sharp gains, as investors took advantage of the rebound to reduce their leveraged positions.

The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 4.9 percent, to 4,253.02, while the Shanghai Composite Index lost 5.2 percent, to 4,053.70 points.