China MOF Seeks 15-20% market correction.

Deutsche Bank reckons the Chinese Ministry of Finance is aiming to achieve, by raising stamp duty, a 15-20% market correction that then turns into a more orderly market than of late. Notes decision is hardly surprising - such measures have been used to manipulate stock market sentiment since duty was introduced in 1992. However Deutsche says market could ignore the move and keep rising rapidly. If so, authorities could raise duty again, banks says. Alternatively the move might trigger a 40-50% correction, prompting government to reverse the hike, suggests DB. "The government''s purpose is to hit market speculation, not the broader economy, particularly just a few months ahead of the 17th Party Congress

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