China's central bank decided to raise benchmark interest rate of both lending and deposit of financial institutions starting from October 29,2004. The one-year deposit interst rate has increased from 1.98% to 2.25%, while the one-year lending interest rate has risen from 5.31% to 5.58%. At the same time, the central bank has also broadened the floating degree oflending interest rate of Chinese currency RMB and allowed the RMB deposit interest rate to float downward.
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