China Increases Rates to Counter Highest Inflation in Two Years
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China raised interest rates for the second time since mid-October to counter the fastest inflation in more than two years, and more moves may follow.
The benchmark one-year lending rate will rise by 25 basis points to 5.81 percent and the one-year deposit rate will climb by the same amount to 2.75 percent, effective today, the People’s Bank of China said in a one-sentence statement on its website late yesterday.