Getting your player ready...
BEIJING — China raised its key interest rate Tuesday for the first time since the global economic crisis. The move is intended to control inflation and rapid growth, even as other Asian economies move to keep their recoveries on track.
The hike in the benchmark one-year lending rate to 5.56 percent, China’s first since 2007, reflected Beijing’s focus on guiding growth to a more sustainable level rather than revving up the economy. China’s economy grew at a 10.3 percent annual rate in the second quarter.
