Market Updates
China Hikes Rates Ahead of Inflation Report
Devan Biswas
08 Feb, 2011
New York City
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China increased benchmark interest rate for the third time since October as food prices increase and wage pressure build. China has increased 75 basis points in the last two years as global economies recover and inflation in Asia picks up momentum.
[R]5:00 PM Hong Kong – China increased benchmark interest rate for the third time since October as food prices increase and wage pressure build. China has increased 75 basis points in the last two years as global economies recover and inflation in Asia picks up momentum.[/R]
People’s Bank of China lifted its rate by 25 basis points on the last of holiday period and ahead of important inflation report next week.
The benchmark one-year lending rate will increase to 6.06% from 5.81% and one year deposit rate was raised to 3% from 2.75%.
The third increase in rate in less than five months since October was widely anticipated as China battles rising food and commodities prices.
China joined other Asian nations India, Indonesia and South Korea and lifted rates in the last two years as inflation continues build pressures in the economy.
Chinese economy is still expected to grow at more than 9% in the current year and home prices are expected to gain at least 10% and bank lending is estimated to expand 5% or more.
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