China’s Central Bank Raises Rates 6th Time
December 20, 2007
China’s central bank boosted its benchmark lending rate by 0.18 percent Thursday, its sixth rate increase this year.
In a move aimed at the nation’s surging inflation, the People’s Bank of China will lift the one-year lending rate to 7.47 percent from 7.29 percent, effective Friday, Marketwatch reported.
The central bank also reportedly will reduce the deposit rate on deposit accounts by 0.09 of a percentage point to 0.72 percent.