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China´s interest rates go up to cool economyChina Travel Services
 Well after months of speculation and anticipation, China's central bank raised its key interest rates today the first time in nine years. Officials also decided to eliminate the limit on lending rates. The People's Bank of China is pumping up the one year yuan benchmark deposit rate by 0.27 percent to 2.25 percent. And lending rate is also going up by 0.27 percent to land at 5.58 percent. Other interest rates are also being adjusted, with hikes in long term rates being higher than the short-term interest rates. Financial institutions are also allowed more flexibility in changing their lending rates. The central bank says the rate hike is needed to strengthen the progress of macro-economic control, in order to maintain China's fast momentum and healthy development. The People's bank is also aiming to build a more market-oriented interest rate system.
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