Briefly

PBOC adds 3b yuan to system via reverse repos

The People's Bank of China, the country's central bank, on Wednesday conducted 3 billion yuan ($446.1 million) of seven-day, 2.1 percent reverse repos to maintain stable liquidity in the banking system.

Car purchase tax cut generates benefits

Some 1.09 million cars enjoyed China's car purchase tax cut during the first month of the policy's implementation, according to the country's top taxation agency. The tax cut policy, which applies to some low-emission passenger vehicles, had saved about 7.1 billion yuan ($1.06 billion) for car buyers, data from the State Taxation Administration showed. China decided in late May to halve the car purchase tax for passenger vehicles priced at no more than 300,000 yuan and with 2-liter or smaller engines, effective from June 1 to the end of this year. The move is part of China's policy to keep the economy stable as auto sales matter much to the country's consumption growth.

Xinhua - China Daily