China on Thursday announced a 0.27 percentage points hike in the benchmark one-year loan interest rate, according to the central bank statement, in an effort to curb investment binge.

The People's Bank of China said the interest rate on one-year loan starting Friday will rise from 5.58 percent to 5.85 percent. Interest rates for loans of other terms will see corresponding increases.

The move is to further consolidate the macro-control effects, maintain a sound trend in the sustained, fast, coordinated, and healthy development of the national economy and continue to let economic means play a role in resources allocation and macro-control, the statement said.

Meanwhile, the central bank announced no change in the interest rates for bank deposits.

Source: Xinhua