China hikes loans, deposit rates
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Chinaâs move to hike interest rate has come as a surprise. The central bank raised the benchmark rate on one-year yuan loans to 5.58 per cent from 5.31 per cent and the rate on one-year deposits to 2.25 per cent from 1.98 per cent.
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China should raise interest rates to cool the economy and prevent a future buildup of bad loans in the banking system, the Asian Development Bank&#39;s (ADB) Bei-jing representative Bruce Murray said.
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Chinaâs currency rose steeply against the dollar this week, feeding speculation that Chinese authorities were allowing their currency to appreciate more rapidly.
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The People&#39;s Bank of China, China&#39;s central bank, announced yesterday that it would raise both lending and deposit interest rates 0.27 percentage point as of today.
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China has decided to raise its benchmark one-year lending rate to 5.58 percent from 5.31 percent with effect, the first such move in nearly a decade, the central bank said on its website.
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BEIJING: China sought yesterday to soothe concerns over a surprise interest rate rise, its first in nearly a decade and one which is expected to start a series of increases to cool growth in the world&#39;s seventh-biggest economy.
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Chinese consumer inflation rose in February on the back of higher food costs, but economists said they did not expect price pressures to get out of hand despite breakneck growth and plentiful cash in the banking system.
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China could take action on Friday to cool its red-hot economy by raising interest rates or scrapping a withholding tax on interest income, analysts said on Friday.
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Inflation in China reached a 27-month high last month, but separate figures for growth in the money supply and loans suggested that the broader economy was not yet overheating.
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China's central bank sought on Friday  to soothe concerns over its first interest rate hike in nearly  a decade, saying it will not have a big impact on the economy  or the pegged yuan currency.
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Chinese inflation rose in February on the back of higher food costs, but economists said they did not expect price pressures to get out of hand despite breakneck growth and plentiful cash in the banking system.
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China's economy is set to grow at a faster-than-expected rate of 10.4% this year, the Asian Development Bank says.
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Higher interest rates for bank depositors are stressing local and regional banks.
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China's central bank on Thursday raised interest rates for the first time in nearly a decade in a surprise move that was the boldest so far aimed at guiding a heated economy onto a path of slower growth.
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The U.S. Federal Reserve on Wednesday raised interest rates for a sixth straight time, extending a policy of gradually lifting borrowing costs to levels high enough to ward off inflation pressures.
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China has decided to raise its benchmark one-year lending rate to 5.58 percent from 5.31 percent with effect, the first such move in nearly a decade, the central bank said.
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China raised its benchmark interest rates on Thursday for the sixth time this year, in the latest in a series of tightening steps to contain inflation and prevent the world's fourth-largest economy from overheating.