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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