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US rate hike triggers Asian increases

China, Hong Kong follow suit; Philippines, Malaysia may be next

The headquarters of the People's Bank of China in Beijing (Photo by Akira Kodaka)

TOKYO -- China's central bank raised interest rates Thursday after the U.S. Federal Reserve raised rates for the third time this year overnight in a sign that the U.S. monetary policy still generally drives monetary policy in Asia.

Just hours after the Fed rate increase, the People's Bank of China undertook its third rate increase of 2017, lifting the interest rates on its seven-day and 28-day loans to commercial banks by 5 basis points to 2.50% and 2.80% respectively.

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