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Guest The_Oldie

China Raises Rates After Fastest Growth In 12 Years

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Guest The_Oldie


July 20 (Bloomberg) -- China raised interest rates for the third time since March to cool the fastest pace of economic growth in 12 years and restrain inflation.

The benchmark one-year lending rate will rise by 0.27 percent point to an eight-year high of 6.84 percent tomorrow, the People's Bank of China said. The deposit rate will increase by the same amount to 3.33 percent and a tax on interest income will be cut on Aug. 15 to encourage saving.

``We view this as a positive move as it is helpful in containing overheating pressures in China,'' said Liang Hong, an economist at Goldman Sachs Group Inc. in Hong Kong. ``However, this 27-basis-point hike is insufficient and we continue to expect one more hike in the remainder of the year.''

More pressure on the BoE to raise rates?

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