When China raised interest rates last October – its first rise in almost three years – the move caught investors by surprise, sparking falls in equities, currencies and commodities markets.
But there was barely a ripple this week when Beijing announced an increase in deposit and loan rates to 3 per cent and 6.06 per cent respectively, following a similar move on Christmas day. Shanghai stocks have even made modest gains.
Investors have taken the last two rate rises in their stride because of a new-found confidence that China will be able to contain inflation without slamming the brakes on economic growth.
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