On Thursday, the Chinese yuan strengthened to its highest level in the last 2.5 weeks against the US dollar. This happened after the People's Bank of China took measures to support the affected real estate sector. The central bank announced its intention to reduce mortgage rates from September 25. After the announcement of this news, the dollar fell by 0.4% against the yuan, reaching the level of 7.2485 yuan per dollar, which is the lowest since August 14. In the offshore market, the yuan exchange rate was 7.2755 per dollar. In addition, the Chinese authorities plan to reduce the tax burden on parents who raise children or take care of the elderly. From January 1, 2024, the tax base for personal income tax (personal income tax) for parents of children under three years of age will be reduced by 2 thousand yuan (approximately $278.5) per month for each child. The previous deduction was 1 thousand yuan. It is also planned to reduce the tax base by 2 thousand yuan per month in connection with the education of children. For those caring for elderly relatives, the tax deduction will amount to 3 thousand yuan per month if the taxpayer does not have brothers or sisters. Otherwise, this deduction can be divided. Children of parents over 60 years old and grandchildren of those whose children are not alive will be able to reduce the tax base. Previously, this deduction was 2 thousand yuan.
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