Fidelity’s Bolton Says China May Raise Rates Further

China’s interest-rate increase last month may be “the first of several” amid increased concern about lending growth, said Anthony Bolton, who manages the Fidelity China Special Situations Solutions Plc fund.

Credit expansion “is still too high, particularly when one takes all the off-balance sheet and unofficial lending channels into account,” Bolton wrote in a statement with interim results of his 601 million-pound ($964 million) fund listed in London. It has climbed 20 percent since starting up in April.