Regulators to cut stock trading transaction fees by 30% starting August 1

Transaction fees at the Shanghai and Shenzhen stock exchanges will be lowered by 30% to 0.0487 per 1,000 of the transaction amount effective August 1, South China Morning Post reported, citing state-run news service Xinhua. The announcement comes after Shanghai shares closed down 5.22% Wednesday, resuming a downward trajectory one day after recording their biggest gains in more than six years. The benchmark Shanghai Composite Index was steady for much of the day, sometimes even in positive territory, but slumped in the last hour of trading. The Shenzhen Composite Index fell 4.79%.