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Holders of offshore bank accounts will be interested to hear the news in China that authorities are considering halting tax on savings accounts.
A state news agency announced this week the possibility of taxes being halted on such accounts, which analysts believe could stem money flow into Chinese stock markets, reports Associated Press.
Xinhua News Agency wrote this week that Chinese legislation may let the government reduce or suspend such tax "in a bid to increase the profit of bank deposits for citizens".
Such tax mitigation would prove popular with consumers and investors alike.
At present, a number of investors in the country have been moving funds from savings accounts into stocks for better returns but this new move will aim to alleviate this trend and reduce the chances of stock market burnout.
Total household savings in China declined by €27.2 billion in May.
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