China Raises 1-Year Rates, Dollar Rises
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Stocks are lower, while the dollar is higher following news from China that they will raise 1-year lending and deposit rates for the first time since December 2007.
Dow futures are down by 28, Nasdaq is down by 24 and the S&P 500 is down 6.
China's central bank said it will raise the one-year yuan lending rate from 5.31% to 5.56%, and the one-year yuan deposit rate from 2.25% to 2.5%.
This is the strongest move to date by China to withdraw monetary policy stimulus following the global recession.
Dow futures are down by 28, Nasdaq is down by 24 and the S&P 500 is down 6.
China's central bank said it will raise the one-year yuan lending rate from 5.31% to 5.56%, and the one-year yuan deposit rate from 2.25% to 2.5%.
This is the strongest move to date by China to withdraw monetary policy stimulus following the global recession.
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