China's 'new third board' sees higher weekly turnover

BEIJING -- China's National Equities Exchange and Quotations, also known as the "new third board," saw higher turnover in the past week.

From July 20 to July 24, turnover on the board rose 1.11 percent from the previous trading week to 3.06 billion yuan ($437.5 million).

As of Friday, the board had 8,518 listed firms and a total turnover of 61.1 billion yuan this year.

The exchange was launched in early 2013 to supplement the Shanghai and Shenzhen stock exchanges to serve small- and medium-sized enterprises.

It is seen as an easier financing channel for small businesses, with low costs and simple listing procedures.