China to Raise Key Interest Rate – Audra Ang

From Associated Press:

China’s Central Bank Announces 0.27 Percentage Point Increase in Key Interest Rates

China’s central bank said Saturday it will raise key interest rates by more than a quarter percentage point in a move to cool torrid economic growth.The 0.27 percentage point hike in one-year deposit and lending benchmark rates will go into effect Sunday, the People’s Bank of China said.

That would raise lending rates to 6.39 percent and deposit rates to 2.79 percent, the bank said in a statement on its Web site. [Full Text]

– See also a Reuters report.

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