China’s Central Bank Raises Rates in Latest Effort to Slow the Economy – Keith Bradsher

From the New York Times:

China’s central bank raised interest rates on Friday evening, the latest in a series of moves by the government to choke off a binge in speculative lending and investment that threatens to saddle the country’s banks with more bad loans if the economy slows.

The People’s Bank of China raised interest rates for one-year bank loans and bank deposits each by 27-hundredths of a percentage point. Economists had been predicting an interest-rate increase, China’s second this year, after government statisticians announced last month that economic growth reached a torrid 11.3 percent in the second quarter.

The government has already increased restrictions on bank lending policies, raised bank reserve requirements and even reprimanded regional officials who pursue speculative construction projects in defiance of Beijing’s instructions. Chinese officials have hinted at further brakes on the economy in the months to come.[Full Text]

Also see China’s Central Bank Raises Lending, Deposit Rates from Bloomberg News

CDT EBOOKS

Subscribe to CDT

SUPPORT CDT

Browsers Unbounded by Lantern

Now, you can combat internet censorship in a new way: by toggling the switch below while browsing China Digital Times, you can provide a secure "bridge" for people who want to freely access information. This open-source project is powered by Lantern, know more about this project.

Google Ads 1

Giving Assistant

Google Ads 2

Anti-censorship Tools

Life Without Walls

Click on the image to download Firefly for circumvention

Open popup
X

Welcome back!

CDT is a non-profit media site, and we need your support. Your contribution will help us provide more translations, breaking news, and other content you love.