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China Raises Interest Rates
China’s central bank has increased three key interest rates by five basis points each.
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China’s central bank has increased three key interest rates by five basis points each.
The People’s Bank of China describes the adjustments as a “normal market reaction” to the 0.25% increase announced on Wednesday by the U.S. Federal Reserve.
The bank’s rate increases affect 7-day, 28-day and one-year facilities. The adjustments have been described as an attempt to reduce capital flow out of the country without throttling domestic economic growth. But an analyst tells Reuters the adjustments are too small to have significant impact on borrowing costs.
Separately, the Hong Kong Monetary Authority also raised its base rate in response to the Fed increase. The Hong Kong dollar is issued by approved banks and backed by U.S. dollars on deposit.
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