China lifts rates in new bid to halt inflation

The People's Bank of China on Thursday hiked rates for the sixth time this year in an effort to curb inflation now at an 11-year peak.

The central bank increased its benchmark lending rate by 18 basis points to 7.47%, a nine-year high. Its one-year deposit rate rose 27 basis points to 4.14%.

The latest hike comes on the back of evidence that inflation is continuing its upward spiral, as it soared to 6.9% in November, from 6.5% in October. Pork prices have risen a staggering 56% year-on-year, a