China's stocks close lower on first trading day in Year of "Rabbit" following rate hike

16:40, February 09, 2011      

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Chinese stocks closed lower Wednesday, the first trading day after the week-long holiday that celebrates the Chinese lunar New Year, the Year of Rabbit, as the latest interest rates hike refreshed investor's concerns over inflation.

The benchmark Shanghai Composite Index dropped 0.89 percent, or 24.9 points, to 2,774.07 points.

The Shenzhen Component Index retreated 1.53 percent, or 183.59 points, to 11,807.93 points.

Amid increasing pressure to control inflation, the People's Bank of China (PBOC), the central bank, announced Tuesday that it would raise benchmark one-year borrowing and lending rates by 25 basis points beginning Wednesday.

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