China Hikes Key Rates by 0.25%
BEIJING (TheStreet) -- The People's Bank of China said Wednesday it will raise benchmark deposit and lending rates by 0.25% in an effort to cool inflation.
It's the third rate increase this year from the PBOC.
The one-year yuan lending rate will be raised to 6.56% from 6.31%, and the one-year yuan deposit rate will be hiked to 3.5% from 3.25%. >P/>Inflation in China hit a 34-month high of 5.5%.
-- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV