China Hikes Interest Rate In Inflation Fight
China's central bank has raised its interest rate for the second time in just over two months as the nation fights to keep inflation in check.The People's Bank of China said on its website that it is raising the benchmark interest rate by a quarter of a percentage point beginning Sunday. The move increased the one-year lending rate to 5.81% and one-year deposit rate to 2.75%.
China last raised interest rates on Oct. 20 - the first increase in nearly three years, according to state run media.Higher food prices continue to be the main driver of inflation in China, and rate hikes were expected as the country tries to reel in its red-hot economy.
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