The People's Bank of China raised its main policy rate, the 1-year lending rate, by 25 basis points to 6.31% from 6.06% previously. The Bank also raised the one-year deposit rate by 25 basis points to 3.25% from 3.00% previously. The move is the latest in a string of policy actions, e.g. reserve requirement adjustments, loan controls, etc, aimed at reducing consumer price inflation and controlling surging property prices. China last reported inflation of 4.9% in February this year, some commentators point to an upward surprise in the March data given the interest rate move, but with others expecting inflation to peak during the first half of this year.
www.CentralBankNews.info
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