updated 8/21/2007 7:41:45 AM ET 2007-08-21T11:41:45

China’s central bank said Tuesday it would raise its benchmark lending and deposit rates to curb inflation.

Economists have said they were expecting another rate hike after July figures that showed the overall inflation rate was at a decade-high 5.6 percent.

The People’s Bank of China said in a statement on its Web site that it was raising the one-year yuan lending rate 18 basis points to 7.02 percent from 6.84 percent, effective Wednesday.

The one-year yuan deposit rate will also be boosted 27 basis points to 3.60 percent from 3.33 percent, the central bank said.

The Bank of China had already raised interest rates three times this year to cool the nation’s economic boom and curb inflation.

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