China hiked its interest rates for the first time since 2007 in a bid to combat rising inflation.
The People’s Bank of China raised its one-year deposit rate to 2.5% from 2.25%, while the lending rate rose to 5.56% from 5.31%, Bloomberg News said.
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Inflation rose to 3.5% in August, highlighting the risk of an overheating economy. China, the world’s second-largest economy, grew at an…
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China Raises Interest Rates For First Time Since 2007 originally appeared on DailyFinance on Tue, 19 Oct 2010 08:02:00.
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