The Emergence, Development and Perspective of China s Stock Market
11
dividends and deposit interest. Some of the factors that might affect the levels of
the dividends and interests were gradually taken into account in determining the
trading prices of stocks.
Considering the development of securities trading, a set of ‘Provisional
Regulations for the Counter-Trading of Securities’ was formulated by the Shanghai
Branch of PBC in January 1987 (Yu 1997). According to the regulations, all
securities trading would be conducted through the OTC dealers authorized by the
PBC. The restrictions on security prices in ...
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