Bank of China

China raised interest rates for the sixth time in less than a year as Asian nations step up efforts to damp inflation stoked by surging commodity prices, and the central bank signaled that it would do more.
The Bank of China increased the benchmark one-day bond repurchase rate by a quarter of a percentage point to 2.75 percent, China joins Thailand in tightening monetary policy this month after economic growth and oil at more than $100 a barrel helped drive inflation to a seven-month high. Interest rates are on a rising trend and the central bank still needs to bring
borrowing costs to “normal” levels as the economy is expanding,

Inflation is likely to further accelerate until the middle of this year in China, that means pressure on the central bank to keep raising rates will continue.
Consumer prices advanced 3.14 percent in March from a year earlier, the fastest pace since August last year. Core prices, which exclude fresh food and fuel, rose 1.62 percent, accelerating from a 1.45 percent pace in February. The central bank uses the core index to guide policy and aims to keep it below 3 percent.

The central bank raised rates by a quarter point each in July, August, December, January and March. Counterparts from India to South Korea also boosted borrowing costs last month, while China has lifted reserve ratios and increased its deposit and one-year lending rates this month.

If crude prices are not controlled then a slowing of most Asian economies is certain..