China’s Rate Increase Targets Food Prices – Jamil Anderlini

From Financial Times:

China’s central bank raised for the second time in less than a month on Friday in an attempt to rein in soaring food prices, excessive bank lending and bubbles in the property and stock markets.

The People’s Bank of China lifted the one-year benchmark deposit rate by 27 basis points to 3.87 per cent and the one-year lending rate by the same amount to 7.29 per cent, effective immediately.

The has now lifted rates five times this year as it strives to contain headline inflation that reached 6.5 per cent in August, the fastest increase in more than a decade. [Full Text]

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