Foreign media comment on China's interest rate hike

08:15, December 28, 2010      

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While the rate hike announcement came on a less than ideal day for bankers and analysts in the West - Christmas, that is, - it was an apparent attempt not to unsettle global and domestic markets. The hike of 25 basis points was the second hike in just over two months. So the announcement might have brought international investors into the office on a holiday, but let's see what the foreign media had to say.

Reuters says the hike demonstrates that the top leaders have made fighting inflation a top priority. The Financial Times agrees, and it points the move signals a step up in the battle against persistent prices. The Wall Street Journal notes that the rate hike came after China said it was switching to a prudent monetary policy from moderately loose one and could pave the way for more interest rate increases and lending controls next year.

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