China has raised interest rates for the fifth time in eight months, indicating the country’s leaders are still focused on taming politically sensitive inflation, despite evidence that the world’s second-biggest economy is slowing.
Benchmark one-year lending rates will be raised 25 basis points to 6.56 per cent from today, while one-year deposit rates will go up 25 basis points to 3.5 per cent, the central bank said on Wednesday.
The rise suggests that inflation is likely to have accelerated to a three-year high of more than 6 per cent in June, well beyond Beijing’s comfort zone.
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