China Hikes Interest Rates for Second Time This Year

China's central bank raised interest rates for the second time this year on Tuesday, redoubling efforts to cool stubborn price pressures.

Inflation has been running within striking distance of a 28-month high of 5.1 percent hit in November and is expected to rise further in coming months.

Benchmark one-year deposit rates will be lifted by 25 basis points to 3.25 percent, while one-year lending rates will be raised by 25 basis points to 6.31 percent, the People's Bank of China said in a statement on its website.

The rises will take effect from April 6. (Reporting by Soo Ai Peng and Tony Zhou; Writing by Koh Gui Qing; Editing by Dean Yates)