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The stock market plunged 4.03 percent yesterday and new investor accounts dropped to a two-month low amid fears the proposed issuance of $200 billion worth of special treasury bonds will divert a large chunk of liquidity from the stock market.

The Shanghai Composite Index slid 164.4 points to close at 3,914.2, with 765 out of 898 stocks closing lower. The index has dropped 316.6 points, or 7.5 percent, since last Friday.

The turnover on the Shanghai bourse shrank to 127.38 billion yuan, a sharp drop from this year's record of 271 billion yuan on May 30. The number of new accounts opened daily has averaged about 200,000 so far this week, compared with 310,000 the week before.

The smaller Shenzhen Composite Index also fell 5.43 percent to close at 1,112.57, while the foreign-currency-denominated B-share index sunk 5.07 percent to close at 260.21.

Analysts said the latest series of government measures to curb stock market liquidity have taken effect.

These measures include the doubling of the stock trading stamp duty, opening up of QDIIs, the quicker pace of red-chip's return to the mainland and the proposed issuance of special treasury bonds, which triggered the latest selling spree, analysts said.

"The withdrawal of capital from investors, indicated by new investor account, clearly shows the lower confidence and hesitance of investors," Haitong Securities said in a report.

"Investors are worried after hearing the Ministry of Finance may issue special bonds, which is expected to suck out much of the liquidity from the market," said Wu Jianxiong, an analyst at Guotai Junan Securities.

But economists said the special bonds will probably have no liquidity impact on the real economy if the Ministry of Finance issues the bonds to the foreign exchange investment company in exchange for a government equity stake.

"At the macro level we don't expect any liquidity impact from the creation of an investment company, regardless of the detailed arrangement chosen, and thus no impact on the real economy," Jonathan Anderson, chief economist for Asia at UBS Securities, said in a report yesterday.

"But if the government directly sells the bonds to domestic commercial banks and insurance companies . Surely this is a big withdrawal of domestic liquidity from the financial system," Anderson said.

"The 1.55 trillion yuan would more than wipe out the entire banking system's excess reserve position with the People's Bank of China."

Shen Minggao, an economist at Citigroup said that it is probably not a turning point for excess liquidity in China.