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Implications of PRC rate hike

China has raised its benchmark one-year deposit rate by 25bp to 2.5%, starting October 20. The one-year lending rate was raised by 25bp, up to 5.56%. The asymmetric hike meanwhile has seen five-year deposit rates raised by 60bp to 4.2%. The higher rates for longer-term deposits suggest the government wishes to retain liquidity in banks and curb inflation expectations. The…

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