08 February 2011 12:57 [Source: ICIS news]
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The week long holiday ends on Tuesday with financial markets opening on Wednesday.
The People's Bank of China said it would raise one-year lending rates to 6.06% and one-year deposit rates to 3.0%.
A rates hike at the end of the holiday period was widely expected, as are further hikes this year, as attempts are made to curb inflation.
Oil prices have fallen on the news, however, and the rates increase is expected to cause some nervousness on global financial markets.
($1 = €0.74)
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