China Continues Steady Rate Climb
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China's central bank announced Wednesday it will raise interest rates again to combat inflation.
The People's Bank of China raised benchmark deposit and lending rates by 0.25 percentage points. One-year deposit rates will move from 3.25 percent to 3.50 percent and one-year lending rates will move from 6.31 percent to 6.56 percent.
This is the country's third increase this year and the fifth increase since it started its rate raising cycle.
Consumer prices in China rose 5.5 percent in May, the fastest increase in three years. June's number is seen above 6 percent before backing down into the end of the year.
The People's Bank of China raised benchmark deposit and lending rates by 0.25 percentage points. One-year deposit rates will move from 3.25 percent to 3.50 percent and one-year lending rates will move from 6.31 percent to 6.56 percent.
This is the country's third increase this year and the fifth increase since it started its rate raising cycle.
Consumer prices in China rose 5.5 percent in May, the fastest increase in three years. June's number is seen above 6 percent before backing down into the end of the year.
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