China’s central bank Tuesday raised interest rates for the first time in nearly three years. The People’s Bank of China said in a statement it will raise the one-year yuan lending rate to 5.56% from 5.31%, and the one-year yuan deposit rate to 2.5% from 2.25%. In other economic news, treasuries and mortgage bonds were down slightly from yesterday’s close amid speculation that more quantitative easing by the Fed will increase inflation.
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