Dozens of branded FPD (Flat Panel Display) TV makers announced the implementation of large-scale price reductions in late May 2005, with the largest slash up to 5,000 RMB (US$602.4; US$1 = 8.3RMB). Starting from the end of May, prices for Chinese makers' 42" PDP (Plasma Display Panel) TVs have dropped below 10,000 RMB (US$1,204.8), at prices lower than the 9,980 RMB (US$1,202.4) registered during the Chinese National Day sales. Prices for 42" PDP TVs made by Sino-foreign joint ventures slipped to around 16,000 RMB (US$1,927).