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China's brokerage commission to be 0.3% or less from May
( 2002-04-05 10:06 ) (7 )

China 's brokerage fees will be lowered to a range between 0.3% and a lower percentage from the current fixed fee of 0.35% beginning May 1, major state-owned securities newspapers reported, citing a China Securities Regulatory Commission announcement.

The brokerage commission cannot be less than the amount the securities firm pays to the stock exchange and regulators, the reports said.

Traders have been waiting for commissions to be lowered, expecting that it will bring more investors into the market and also help stimulate more trading.

It wasn't immediately clear what the lowest rate could be. Traders ranged in opinions from 0.03% to 0.05% on that issue.

The CSRC said in an announcement carried in the newspapers that it would also set a minimum fee for a single transaction. For the A shares, denominated in yuan, that would be 5 yuan. For the Shanghai Stock Exchange B shares, which are denominated in US dollars, that would be US$1. And for the Shenzhen Stock Exchange B Shares, which are denominated in Hong Kong dollars, that would be HK$5, the announcement said.

Traders said the minimum transaction fee for A shares was currently CNY10. For the B shares, for which the commission rate is 0.43%, there is no minimum transaction fee at the moment, traders said.

The CSRC said that the brokerages could decide on the fee level for other services, such as consulting, with their clients.

Before the brokerages can use the lower fee rates, they must submit a notice to the CSRC on their standards for the fee, and also post those new standards in branches for clients to see.

Traders said although the rate cut would stimulate trading, it could also eat into the brokerages' profits.