Saturday, July 21, 2007
China raises interest rates for third time this year
China's central bank said it is raising benchmark bank lending and deposit rates by 27 basis points, effective tomorrow. It said the move, the third rate hike this year, is designed to guide credit and investment growth, stabilize expectations for inflation and maintain the overall stability of prices. The People's Bank (nasdaq: PBCT - news - people ) of China said in a statement on its website that the benchmark one-year lending rate increases to 6.84 pct while the one-year deposit rate moves to 3.33 pct.