China to raise interest rates yet again

By Xinhua

Beijing : China will raise the one-year deposit interest rate by 27 basis points to 4.14 percent and the lending rate by 18 basis points to 7.47 percent as of Dec 21, the central bank said Thursday.

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This is the sixth time China has raised the benchmark interest rates this year.

The move is to “prevent the economy from overheating and the structural price rises from evolving into evident inflation”, the central bank said in a statement on its website.