Taiwan raises rates again

Taiwan's central bank raised its benchmark interest rate - the discount rate on 10-day loans to banks - by a quarter percentage point to 3.125% today.

The rise, which increased the cost of borrowing twice as much as had been expected, was imposed in efforts to ward off inflation and stem the outflow of funds from the island. It was the biggest increase since September 2004 and followed ten increases of 0.125%. Most economists had anticipated a rise of only an eighth of a point.

Analysts now ex

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