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China raises interest rate in a surprise move
By Zhang Fengming |
October 19, 2010, Tuesday
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Online Edition
Online Edition
CHINA tonight surprisingly raised its interest rates, the first hike since December 2007, to curb assets bubble despite concerns that such move can allure more speculative money into the country.
From tomorrow, the one-year benchmark deposit rate will rise to 2.5 percent from 2.25 percent while the one-year benchmark lending rate will also increase by 25 basis points to 5.56 percent, the People's Bank of China said on its Website today.
The central bank didn't explain the reason for its rate hike but analysts said the concerns on inflation could be a major concern.
From tomorrow, the one-year benchmark deposit rate will rise to 2.5 percent from 2.25 percent while the one-year benchmark lending rate will also increase by 25 basis points to 5.56 percent, the People's Bank of China said on its Website today.
The central bank didn't explain the reason for its rate hike but analysts said the concerns on inflation could be a major concern.
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