China's Central Bank Raises Rates 6th Time
Posted on: Thursday, 20 December 2007, 09:00 CST
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.
Source: United Press International
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