In the first such move since 2007, the nation's central bank is set to increase the deposit rate to 2.5% and the lending rate to 5.56%. Analysts say the action could begin to remedy China's soaring housing prices, accelerating inflation.In a surprise move that many economists were calling for, China's central bank said Tuesday it would hike its benchmark lending and deposit rates for the first time in three years.
China To Raise Benchmark Rates
Los Angeles Times - Top News, Los Angeles Times
Tue, 10/19/2010 - 6:27am
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