China Raises Rates to Fight High Inflation

China raised interest rates on Tuesday for the second time in just over six weeks, intensifying a battle in the fast-expanding economy against stubbornly high inflation that threatens to unsettle global markets. Benchmark one-year deposit rates will be lifted by 25 basis points to 3%, while one-year lending rates will also be raised by 25 basis points to 6.06%, the People’s Bank of China said. The changes go into effect on Wednesday. – Reuters

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