China Raises Interest Rates for First Time in 9 Years

From Bloomberg: “China’s central bank jolted global financial markets by raising its benchmark interest rates for the first time in nine years to cool the world’s fastest-growing major economy.

The one-year lending and deposit rates will rise 0.27 percentage point to 5.58 percent and 2.25 percent respectively, effective tomorrow, the Beijing-based People’s Bank of China said in a statement on its Web site. Banks are allowed to charge interest of no less than 0.9 times the one-year lending rate. ”

The full article is here.

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