08 Feb '11, 11am

China's central bank raises interest rates

BEIJING - China's central bank on Tuesday raised interest rates for the third time in four months, as authorities ramp up efforts to tame inflation amid fears it could trigger social unrest. The People's Bank of China said in a brief statement that it would raise the one-year deposit and lending rates by 25 basis points each, taking the rates to 3.0 percent and 6.06 percent respectively. In October, policymakers raised rates for the first time in nearly three years as they try to restrain a flood of liquidity which has been fanning inflation and hiking property prices. They raised them again on Christmas Day. China's consumer price index (CPI), a key measure of inflation, rose 4.6 percent year-on-year in December, down from 5.1 percent in November, which was the fastest rate in more than two years. The full-year CPI was up 3.3 percent, exceeding Beijing's official target o...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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