Interest Rates
Previously, interest rates set by the bank were always divisible by nine, instead of by 25 as in the rest of the world. However, it no longer applies, since the central bank started increasing the rates by 0.25 percentage points at a time.
The most recent rate hike was on 6 July 2011, taking benchmark 1-year rates up by 25 basis points to 6.56% while deposit rates were also hiked by 25 basis points to 3.5%.
Read more about this topic: People's Bank Of China
Famous quotes containing the words interest and/or rates:
“Social Security is a government program with a constituency made up of the old, the near old and those who hope or fear to grow old. After 215 years of trying, we have finally discovered a special interest that includes 100 percent of the population. Now we can vote ourselves rich.”
—P.J. (Patrick Jake)
“[The] elderly and timid single gentleman in Paris ... never drove down the Champs Elysees without expecting an accident, and commonly witnessing one; or found himself in the neighborhood of an official without calculating the chances of a bomb. So long as the rates of progress held good, these bombs would double in force and number every ten years.”
—Henry Brooks Adams (1838–1918)