Chinese shares open 0.72% down following rates hike

11:06, February 09, 2011      

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Chinese shares opened lower Wednesday as the latest interest rates increase refreshed investor's concerns over inflation.

The benchmark Shanghai Composite Index dipped 0.72 percent to open at2,778.70.

The Shenzhen Component Index opened 0.73 percent lower at 11,903.65.

The People's Bank of China (PBOC), the central bank, announced Tuesday it would raise benchmark one-year borrowing and lending rates by 25 basis points from Wednesday.

The rate hikes come amid increasing pressure on the Chinese government to control inflation.

It is the first rise in China's one-year benchmark interest rates this year and signals a renewed effort to cool prices and tighten liquidity.

Source:Xinhua
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