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China’s tax slashed will strengthen U.S dollar

Apr 24, 2008 Market Outlook

In Asian currency trading, the U.S. dollar bought 103.38 yen. In New York, the dollar changed hands for 103.46 yen late Wednesday and 102.96 yen late Tuesday.

HONG KONG (MarketWatch) — Chinese stocks soared in Shanghai Thursday after the government slashed a tax on share transactions, a move aimed at bolstering a stock market that ranks among the worst performers in Asia this year.

The government’s decision to slash the stamp duty on share transactions to 0.1% from 0.3%, announced late Wednesday, also boosted China-related stocks in Hong Kong. The reduction reverses the increase in the stamp duty Beijing imposed last year as one of its measures to cool surging stock prices.

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Technorati Tags: Asia, Asian Currency, Beijing, China, Chinese Stocks, Currency Trading, Dollar, Hong Kong, Marketwatch, Measures, Shanghai, Slash, Stamp Duty, Stock Market, Stock Prices, Yen

Tags: Asia, Asian Currency, Beijing, China, Chinese Stocks, Currency Trading, Dollar, Hong Kong, Marketwatch, Measures, Shanghai, Slash, Stamp Duty, Stock Market, Stock Prices, Yen