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2012, May 22

China Hikes Key Rates

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China Hikes Key Rates

by CFO Innovation Asia Staff, 20 October 2010
topics:
Bank Borrowing/Credit Lines Finance and Banking
tags:
deposit rate inflation interest rates lending rate real estate
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The People's Bank of China says it will raise the one-year yuan lending rate to 5.56% from 5.31%, and the one-year yuan deposit rate to 2.5% from 2.25%, says an AFP report published in the Straits Times.

 

The raise--effective today and the first in nearly three years--is part of Beijing's efforts to control inflation and surging real estate prices.

 

"The widely anticipated move comes amid growing concerns that the red-hot real estate sector could overheat and derail the Asian powerhouse, despite government efforts to curb soaring property prices and rein in bank lending," says the AFP report.

 

 

MORE ARTICLES ON INTEREST RATES

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China ups interest rates
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