Economy

IMF's Lipsky says welcomes China's rate hike

(Agencies)
Updated: 2010-10-20 13:24

The International Monetary Fund (IMF)'s first managing director, John Lipsky, said on Wednesday that he welcomed China's interest rate hike announced the previous day, Reuters reported on Wednesday.

Related readings:  Interest rate hike of 25 basis points announced  Surprise rate hike announced  China to continue moderately easy monetary policy: PBOC

Lipsky was speaking to reporters before meeting with Japanese Finance Minister Yoshihiko Noda.

China's central bank announced its first increase of interest rates in nearly three years.

The People's Bank of China said it was raising benchmark rates by 25 basis points, taking one-year deposit rates to 2.5 percent and one-year lending rates to 5.56 percent.