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China stock trading stamp tax surges in Aug.

Xinhua, September 15, 2015 Adjust font size:

Stamp tax on stock trading in China hit 26.5 billion yuan (4.2 billion U.S. dollars) in August as a sell-off continued despite government support policies, data from the Ministry of Finance showed on Tuesday.

The stamp tax on stock trading was 4.4 times the volume seen in the same period last year.

The benchmark Shanghai Composite Index dropped 3.52 percent on Tuesday to end at 3,005.17 points, plunging around 40 percent from its June peak.

China's stamp tax is currently set at 0.1 percent, and it is widely seen as a signal of the government's stance on the stock market. Two cuts in stamp tax in 2008 both resulted in a surge of more than 9 percent in the Shanghai index. Endi