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Thread: China increases interest rates to curb inflation?
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[quote=KEVIN0518,410066]Last night, China central bank claimed to raise the interest rates for the first time in nearly three years. The benchmark rates will be increased by 25 basis points, taking one-year deposit rates to 2.5 percent and one-year lending rates to 5.56 percent. It is said that inflation and skyrocketing housing prices are the main reasons why the central bank raised the interest rates. This morning, I heard my colleague said that her friends had to pay much more money to the bank after the interest rates increased. Her friend borrowed about 690000 from the bank to buy their apartment. Due to the increase of the interest rates, she has to pay another 20000 yuan. The central bank just tries to cool down the real estate market by raising the interest rates. People who have bought houses will have to pay higher interest. [/quote]
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