China surprises with interest rate rise

The People's Bank of China raised its benchmark interest rate on Thursday 27 April in an unexpected move.

In a statement China's central bank said it will raise the one-year lending rate to 5.85 percent from 5.58 percent tomorrow.

``The move is to further consolidate the effects of macro economic measures and maintain sustainable, rapid and healthy development of the economy,'' the central bank said in the statement, which was published at 6 p.m. local time, after most Asian markets had closed.

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