Shanghai plate prices fall

Prices of new license plates in Shanghai fell for the third consecutive month in June, following the municipal government's recent curbing measures, the Shanghai Morning Post reported Sunday, citing the latest data from local authorities.

The average bid price at Shanghai's monthly auction for vehicle plates dropped by 2,980 yuan ($485.44) from the previous month to 77,823 yuan in June, the newspaper report said.

Prior to the local government's April implementation of a raft of measures to rein in runaway license plate prices, the bids had risen in all but two of the preceding 15 months.