China's central bank raises interest rates

The People's Bank of China on Thursday 28 October raised interest rates for the first time in nearly a decade to guide its heated economy to a path of slower growth.

The surprise announcement of a hike of just over quarter of a percentage point by the People's Bank of China marked a shift away from the central directives the government has so far used to cool the world's seventh-biggest economy, Reuters said.

China's economy has become a major factor on global markets, taking in imports from th