Interest Rates
Previously, interest rates set by the bank were always divisible by nine, instead of by 25 as in the rest of the world. However, it no longer applies, since the central bank started increasing the rates by 0.25 percentage points at a time.
The most recent rate hike was on 6 July 2011, taking benchmark 1-year rates up by 25 basis points to 6.56% while deposit rates were also hiked by 25 basis points to 3.5%.
Read more about this topic: People's Bank Of China
Famous quotes containing the words interest and/or rates:
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