China Just Hiked Its Rates By Another 0.25%

shanghai

Photo: Stuck in Customs on flickr

China has raised its key interest rates this morning by 0.25% as the country continues to try to tackle its inflation problem. The deposit rate now stands at 3.25%, the lending rate at 6.32% (via @trader1806).It would seem a bit surprising that the rate hike would be announced today, as it’s a holiday in China, but it isn’t the first time a holiday has been used to hike rates, with this past Christmas the most recent example.

Copper and gold have fallen on the news.

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