China stock traders cut leveraged positions by 14% in July amid tech sell-off

China’s stock traders have been unwinding their leveraged positions over the past month, fuelling the worst-ever stock sell-off on one major index of technology shares and undermining Beijing’s efforts to put a floor on the equity market. The outstanding value of the stock purchases financed by margin trading stood at 2.59 trillion yuan (US$383.4 billion) on Friday, a decrease of 14 per cent from the record high of 3.01 trillion yuan on June 25, according to Chinese financial data provider...