Latest Global Business News

China surprises with an interest rate hike

 
A surprise interest rate hike by China is likely to have adverse effects on Korea's financial market, according to the nation's central bank.
 
Right after the Lunar New year holiday, the People's Bank of China announced a 10-basis-point rise in the interest rate for open-market operations through reverse re-purchase agreements... while also upping interest rates on standing lending facilities.
 
Analysts see the moves as flexible policy tools for the PBOC to guard against financial risks and curb asset bubbles, as Beijing's economy stabilizes in an uncertain environment... after feeling the impact of an over-reliance on credit expansion.
 
The BOK expressed concerns about how China's shift towards a neutral monetary policy could deal some costly blows to Korea in the long run, by triggering rapid capital outflow and hurting exports.
 
china raises rates
 

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