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The People's Bank of China decided to cut the deposit reserve ratio of deposit-taking financial institutions by 0.5% from October 15, 2008; from October 9, 2008, cut the benchmark interest rate for one-year RMB deposits and loans by 0.27 percentage points each, and other deadlines. The benchmark deposit and loan benchmark interest rates are adjusted accordingly.
And it is decided that the interest income from savings deposits will be temporarily exempted from personal income tax on the 9th.
The release of this policy indicates that China is entering a cycle of interest rate cuts. The government is gradually transitioning from the previously established "double defense" policy to the goal of "one guarantee and one control." This will help reverse the downturn in the commercial vehicle market since June, and bring some hope to the market in the shadowy market. First of all, the earlier fixed asset investment projects temporarily discontinued due to the monetary tightening policy are expected to restart, which will directly stimulate the demand for some commercial vehicle products; secondly, the downstream customers of the commercial vehicle industry are mostly small and medium-sized transport enterprises, small and medium-sized financial institutions. The downward adjustment of the deposit reserve ratio will help the downstream customers of commercial vehicles to obtain more loans, so that part of the potential demand will be transformed into effective demand, and the sales of some commercial vehicle products will increase. Finally, the decline in the loan interest rate will help reduce commercial use. The financial costs of car companies ease pressure on business and increase corporate profits.
The central bank looses credit favors the commercial vehicle market
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