The People's Bank of China increase interest rate to fight inflation
Benchmark lending rate: Increase 25 basis points to 5.81 percent
Benchmark deposit rate: Increase 25 basis points to 2.75 percent
More detail can be found from the link below:
http://news.yahoo.com/s/nm/20101227/bs_nm/us_markets_stocks
This action drove the Asia stock indexes lower after the stock marker reopen after the lunch break and for sure tomorrow we will see another red sea all over asia stock markets....what a sad move to end year 2010!
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