The People's Bank of China increased its interest rate for the fourth time in less than six months, indicating the government's desire to cool an overheating economy by "front-loading" monetary tightening. The move surprised market participants, but some said it likely takes pressure off the central bank. "The pressure to continue raising rates is falling," said Mark Williams, an economist at Capital Economics. "The timing of this move was a small surprise given that the tone of policy statements in recent weeks had tended to be a bit more dovish."
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