China may have made some headway in its efforts to curb excessive liquidity in its overheated stock markets and cool investor enthusiasm. Trade volumes were down sharply last week, with daily turnover down to half the May highs of over US$40 billion, AFP reported. The number of new stock accounts was down to less than 80,000 a day from 300,000 in May, when the Shanghai composite index hit record highs and topped 4,300 points. The market is still up almost 40% since January but prices have slipped by more than 13% since mid-June. Last Thursday, the Shanghai benchmark index tumbled 5.25%. "The liquidity boom in China is finally seeing signs of a substantial change," said Jerry Lou, an economist at Morgan Stanley in Hong Kong.