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China’s Central Bank Raises Interest Rates: The...

From Times Staff and Wire Reports

China’s Central Bank Raises Interest Rates: The People’s Bank of China raised its loan rates to financial institutions by an average 0.24 percentage points. The move was aimed at curbing inflation and controlling excess investment in fixed assets, the official Xinhua News Agency reported. China had an inflation rate of 24.4% last year. Current interest rates for personal and enterprise deposits will remain unchanged, as will the interest rates of loans for circulating capital. The annual interest rate of loans for investment in fixed assets will rise by an average 0.72 percentage point, the bank said.


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