Asia Bizz: People’s Bank of China Increases Interests Rates in the country
The interest rates in China is increased by the People’s Bank of China by a quarter-percentage, this raise is the first time since the year 2007 December. The Chinese central bank also did not give a specific reason for the same.
The economy of China has been growing strong at a fast pace and the western economies are still very sluggish in growth, the domestic products in China grew at the second quarter by an annual rate of 10.3%. As a result of this one could notice a high rise in wages, real estate as well as food prices.
The prices of real estate in the country grew by 9.1% in the month of September. The financial markets due to China have suffered in US and Europe. The interest on saving deposits in the country was increase to 2.5% annually and the interest on the rate of loan went up to 5.56%.
China is almost ready to report third quarter GDP as well as the price readings for the month of September.