Abstract: This article provides the evidence of price clustering in China's stock market b y using intraday quoted and traded prices. The results show that last digits of prices are significantly different from the uniform distribution and about 28% t rades or quotes cluster on 0 or 5. The intraday pattern of price clustering is a lso found. An extremely high percentage of price clustering appears at the openi ng. Estimation results document that the degree of price clustering increases wi th high volatility, bid-ask spreads, transaction frequency, and price level.