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China hikes rates to tighten lending

Staff Reporter 1 minute read

China last night decided to increase the yield on its three-month bills to curb lending credit in 2010.

In the first increase in almost five months, the country hiked the rate to 1.3684 per cent from 1.3280 per cent.

The rate rise comes following recent comments China’s Housing Minister Jiang Weixin that the country would “further restrict credit for the purchase of second homes and curb speculative housing investments”, according to The Australian Financial Review.

The credit cuts have been made to “prevent a full-blown [housing] bubble”, according to Nomura International Hong Kong property analyst Lee Wee Liat.

Mr Liat told the daily that he predicted real estate bubbles in cities such as Beijing, Shanghai, Shenzhen and Guangzhou and believes the overnight measures taken by the People’s Bank of China was an endeavour to curb the housing bubble.

China hikes rates to tighten lending
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