From Financial Times:
China on Friday responded to a surprise acceleration in growth during the second quarter and a jump in inflation by announcing it would slash its tax on bank deposit interest income and raise interest rates .
The moves had been widely expected after Beijing on Thursday unveiled second-quarter growth in gross domestic product of 11.9 per cent and said consumer price inflation had hit 4.4 per cent in June, its highest rate in nearly three years. [Full Text]
See also: China rates rise to cool economy from BBC News.
