Global Central Bank all cut Interest Rate to rescue the Market
Central Bank of China decided to lower the Deposit Reserve Ratio and the Benchmark Deposit and Loan Interest Rate
People’s Bank of China on Oct.8 decided that from October 15, deposit reserve ratio of deposit financial institutions would be reduced 0.5 percentage points; from October 9, 2008, one-year RMB deposit and loan interest rate all would be reduced 0.27 percentage point respectively, other grades of the deposit and loan interest rate would be adjusted accordingly.
Exemption of Personal Income Tax for Savings Deposit Interest
Xinhua News reported that on October 9, State Council decided to temporarily exempt the personal income tax for savings deposit interest.
Federal Reserve reduced the Benchmark Interest Rate to 1.5%
U.S. Federal Reserve announced that they would cut the federal benchmark interest rate by 0.5 percentage points, whereas the European Central Bank, the Bank of England, Bank of Canada, Sweden and Switzerland Central Bank all announced to cut interest rates by 0.5 percentage points.
United Reduction of Interest Rate Fails to ease the Panic in the Market
The news reported that united reduction of interest rate from western major central banks failed to ease the panic mood in the market, so on October 8, 2008, after the open of New York stock market, three major indexes had more than 2% decline.
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