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Gold/Mining/Energy : ARU.V Aurelian Resources Inc

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From: BritNick	2/27/2007 7:37:57 PM
	of 516

Shanghai will bounce back tomorrow now that they have cleaned up this rumour. China Denies It Will Tax Capital Gains On Stocks -Report 18:59 EST Tuesday, Feb 27, 2007 SHANGHAI -(Dow Jones)- Chinese regulators denied rumors that Beijing would impose a 20% capital gains tax on stock investments to cool its overheated bourse, the state-run Shanghai Securities News reported Wednesday. The government doesn't have any plans to levy the tax on capital gains in stock investments, the paper said, citing spokesmen at the Ministry of Finance and the State Administration of Taxation. The report on the front page just comes a day after Chinese stocks suffered the sharpest one-day fall in a decade amid concerns ranging from a possible capital gains tax to further tightening of macroeconomic policies. The selloff roiled financial markets worldwide and helped send U.S. stocks to their largest single-day point loss since September 2001. The benchmark Shanghai Composite Index fell 8.8% Tuesday, its steepest drop since Feb. 18, 1997, when it slumped 8.9%. Analysts said the tumble wiped off around CNY1 trillion from the market's capitalization. Officials at the Ministry of Finance and the State Administration of Taxation weren't immediately available for comment. -Rose Yu contributed to this story, Dow Jones Newswires; 8621 6120-1200; rose.yu@dowjones.com (END) Dow Jones Newswires 02-27-07 1858ET Copyright (c) 2007 Dow Jones & Company, Inc.

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