The outstanding balance of loans backed by share purchases fell by RMB31.9 billion (US$5.1 billion) to RMB887.5 billion on Tuesday as the combined margin debt of both mainland stock exchanges had fallen by US$136 billion from its June 18 peak to US$230 billion as of Monday, Bloomberg reported. New stock investors totaled only 391,000 last week, down 26% from the week prior. At the market’s peak in June investors were opening more than 1 million accounts a week. “Investors are becoming more cautious and unwilling to take leverage,” said Yan Liu, a trader at Guosen Securities. “The rebound isn’t fundamental driven.”