China to Raise Interest Rates

China's central bank said Saturday it will raise interest rates in an effort to rein in the country's red-hot economy, according to published reports.

The PeopleÂ’s Bank of China will raise rates 27 basis points, lifting the benchmark one-year lending rate to 6.39% and the one-year deposit rate to 2.79%. The changes will take effect Sunday.

The rate hike is the fourth by the Chinese central bank in the past 12 months, the AP reported.

Chinese leaders have been concerned that their economy is growing at too fast a clip. Chinese Premier Wen Jiabao Friday reportedly characterized his country's growth as "unstable, imbalanced, uncoordinated and unsustainable."