The People's Bank of China has raised interest rates for the second time this to by 27 basis points to 6/12%.
“Furthermore, recent central bank comments relating to concern over rising inflationary pressure and the move to increase currency flexibility have indicated authorities are being proactive in tackling the risks on the economy. "The move is again small in nominal terms but represents a desire by the Chinese authorities to cool an overheating and unbalanced economy.
"Tightening global liquidity has been a theme which is raising risks in the global economic outlook. While the US economy is now showing signs of cooling, leading to widespread expectation that rates there have peaked, the ongoing rate hikes seen in other major economies serve to warn investors that central bankers remain vigilant over inflationary pressures."
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