China raises benchmark interest rates

SteelOrbis Shanghai The People's Bank of China (the central bank) has decided to raise key savings and lending interest rates from March 18. The one-year benchmark deposit rate is increased by 0.27 of a percentage point to 2.79 percent, up from 2.52 percent. Meanwhile, the one-year benchmark lending rate is also raised by 0.27 of a percentage point, moving up from 6.12 percent to 6.39 percent. The corresponding adjustment will be made to all other kinds of interest rates.