Interest rate rise by China has West confused
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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 has been the financier keeping the U.S.  government well funded, but the rate of increase of its holdings of dollar-based securities seems to have slowed.
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Chinese economic growth slowed a touch in the third quarter but not by enough to dispel expectations of more interest rate rises and other policy curbs to stave off the risk of overheating.
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A peek through the West&#39;s net curtains this morning revealed an unexpected visitor on the doorstep. China. Not content with luring manufacturing contracts to Shanghai, the dragon economy&#39;s appetite is driving
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Asian financial markets showed little reaction Friday to China's first interest rate rise in nine years, which analysts welcomed as a shift toward capitalist-style economic tools and away from central planning.
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BEIJING (Dow Jones)--China raised interest rates Thursday for the first time in more than nine years, escalating its battle to tame feverish economic growth but immediately
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Asian financial markets showed a mixed reaction Friday to China's first interest rate rise in nine years, which analysts welcomed as a shift toward capitalist-style economic tools and away from central planning.
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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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Seeking to cool Chinaâs rapid growth rate, the Peopleâs Bank of China announced Friday that it will raise interest rates to 6.84 percent, the highest level in eight years.
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Chinaâs government reported industrial production growth unexpectedly accelerated in May, hours after Prime Minister Wen Jiabao, left, said further steps were needed to cool the countryâs economy. Output rose 18.1 percent in May from a year earlier, the National Bureau of Statistics said, after gaining 17.4 percent in April. Mr. Wen said Wednesday that monetary policy needed âmoderate tightening,â underscoring the failure of two interest rate increases this year to slow the economy. Record trade surpluses have pumped money into the financial system, stoking investment, inflation and a stock market boom. For the first five months, industrial production climbed 18.1 percent from the period last year, up from 16.6 percent growth for all of 2006.
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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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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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China dramatically stepped up the appreciation of its currency, allowing it to push through an important level against the dollar for the first time.
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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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Economists say China may need to raise interest rates again in the coming months as it struggles to cool its economy and move toward free-market banking reforms.
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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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Chinese consumers show little sign of reining in their spending, despite the first rise in core interest rates in nine years.