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China raises key interest rates: reports *PIC*

China raises key interest rates: reports (by William L. Watts)

LONDON (MarketWatch) -- China on Tuesday said it would raise key interest rates for the third time since mid-October in an effort to rein in rising inflation, according to news reports. The People's Bank of China said its one-year yuan lending rate would rise to 6.06% from 5.81%, while increasing its one-year yuan deposit rate to 3% from 2.75%.