SteelOrbis Shanghai
The People's Bank of China (central bank) issued an announcement on October 8 to the effect that the deposit reserve ratio of financial institutions will be lowered by 0.5 of a percentage point from October 15, and also that the one-year benchmark interest rates will decrease by 0.27 of a percentage point from October 9.
Meanwhile, China's State Council has decided that interest earnings on savings will be temporarily exempted from five percent individual income tax starting from October 9, 2008.