Further rate rise in China

The People's Bank of China has raised its key benchmark bank lending and deposit rates by 27 basis points. It was the third rate hike of the year in the booming economy.

The Chinese central bank said on 20 July that the increase was due to the need to curtail credit and investment growth, stabilise expectations for inflation and maintain the overall stability of prices.

Following the increase, China's benchmark one-year lending rate increases to 6.84%, while the one-year deposit rate moves to 3