Wednesday, 26 August 2015

China stocks seesaw after volatile US session, PBOC easing

China's Shanghai Composite index seesawed between gains and losses early Wednesday, mirroring the dramatic US trading session overnight as investors digest news of fresh interest rate cuts aimed at propping up the world's second largest economy. 

The People's Bank of China (PBOC) fired a double-barreled easing shot late Tuesday, by lowering interest rates and the reserve requirement ratio (RRR) by 25 basis points, on the back of a brutal multi-day sell-off in its domestic equity markets that has sent shockwaves around the world. Prior to the market open, a statement from China's securities regulator said transaction fees on stock index futures trading will be raised.

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