China Raises Rates to Cool Its Economy
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But the step could risk social unrest if heavily indebted state companies respond by laying off more workers.
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CHINA has raised its interest rates for the first time in nine years to curb inflation and stop its fast-growing economy overheating.
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China on Sunday took aim at price manipulators and hoarders of goods, as Beijing ramped up its campaign to rein in inflation which is running at its highest level in more than a decade.
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BEIJING -- China's sizzling economy grew faster in the second quarter despite official efforts to apply the brakes, expanding by 11.9 percent over a year earlier, the government reported Thursday. It said it would take new steps to cool the boom.
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China faced diplomatic pressure from   rich countries on Saturday to let its currency rise faster to   ease imbalances in trade and capital that pose one of the   biggest risks to the health of the global economy.
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Growth in China&#39;s economy is expected to expand at a rapid rate in 2007, with inflation ticking higher to 3.2 percent, state media reported Friday, citing the central bank.
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China's sizzling economy expanded by a stunning 11.9 percent in the second quarter from a year ago, the government said Thursday, and announced it would take new steps to cool the boom.
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Beijing, Oct. 28 (PTI): China today raised its interest rates for the first time in nine years to consolidate macro economic adjustment and ensure healthy growth of the economy, the apex bank said here.
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Surging oil prices could moderate China's economy this year as rising costs push inflation higher, hitting corporate profits and consumer pocket books, analysts and state press said.
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China said cooling the world&#39;s fastest- growing major economy and maintaining a stable currency will be government priorities next year.
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China's central bank on Thursday raised interest rates for the first time in nearly a decade, signaling deepening unease with the breakneck pace of development and an intent to reign in a construction boom now sowing fears of runaway inflation.
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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&#39;s central bank jolted global financial markets by raising its benchmark interest rates for the first time in nine years to cool the world&#39;s fastest-growing major economy.
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China&#39;s central bank raised official borrowing costs for the first time in nine years Thursday night, a step aimed at slowing breakneck economic growth and inflation
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China, having surprised the world 10 days ago with its first interest rate rise in nine years, took another unusual step last week by publishing for the first time the annual report on its economy by the International Monetary Fund.
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China sought Friday to soothe concerns over a surprise interest rate rise, its first in nearly a decade and one which is expected to kick off a series of increases to cool growth in the world&#39;s seventh-biggest economy.
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China&#39;s leaders should not relax their efforts to cool the country&#39;s fast-growing economy, the International Monetary Fund has warned.