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China raises key interest rates

China's central bank has raised key interest rates, starting on Wednesday, for the fourth time since October last year.

The People's Bank of China said on Tuesday that it will increase its benchmark one-year lending rate by 0.25 percent to 6.31 percent. The one-year deposit rate will also be lifted by the same quarter-percentage-point to 3.25 percent. Both rates have been raised every 2 months since last October, when they were increased for the first time in about three years.

The bank's latest move is seen as a measure to bring high inflation under control, amid the current trend of rising consumer and real estate prices. Consumer prices in China are expected to rise due to an increase in crude oil prices following concerns over the situation in the Middle East and North Africa.

A shortage of auto and other parts following the March 11th earthquake and tsunami in Japan is also likely to result in additional increases in product prices in China.

05.04.2011. 23:34

Radioactive dust from Japan N-plant found in Hong Kong

Hong Kong: Radioactive dust believed to be from a crippled nuclear power plant in Japan has been detected nearly 3,000 kilometres away in Hong Kong, officials said Wednesday.

The amounts detected were so miniscule it would take up to 2,500 years of continued exposure to have any perceptible effect on human health, an official from the Hong Kong Observatory said. The radioactive dust, believed to have blown in on a westerly wind, was the first detected in Hong Kong since the March 11 earthquake and tsunami, which damaged the plant in Fukushima and matches similar readings on the east coast of China in recent days.

"It would take 800 to 2,500 years of continued exposure to the detected levels in order to receive the radiation dosage equal to one X-ray," a government spokesman said.

Hong Kong's 600 Japanese restaurants have lost an estimated 20 percent of business since the March 11 disaster because of fears over radiation contamination, the South China Morning Post said Wednesday.

31.03.2011. 01:01

China urges Japan to give swift radiation information

Beijing: China urged Japan on Thursday to give the world prompt and accurate information about radiation leaks from a crippled nuclear plant, but said Tokyo had already been giving regular updates to Beijing. Japan has stepped up efforts to cool the overheating Fukushima nuclear plant damaged by a massive earthquake and tsunami last week. Officials fear that a major breakout of radioactive pollution from the complex could pose a health risk, and China and other nearby countries have stepped up monitoring of radiation levels. So far, there have been no signs of abnormal radiation levels in China. "The Japanese government has taken the initiative to report to relevant authorities in China on the nuclear leak situation at the Fukushima plant and the measures taken by the Japanese government via the Chinese embassy in Japan," said Chinese Foreign Ministry spokeswoman Jiang Yu. "China and Japan have been in constant touch on this issue," she told a regular news briefing. "We hope that Japan tells the world what is happening on the site in a timely and accurate manner as well as their evaluation of and predictions for the situation as it develops.” "China and Japan are both members of the International Atomic Energy Agency. According to international treaties, Japan has an obligation to report relevant details to the IAEA and then the IAEA will inform its other members," Jiang added. Japanese military helicopters have dropped tonnes of water on the badly damaged Fukushima Daiichi nuclear complex in an effort to cool reactors and fuel rods after a failed attempt the previous day because of high radiation levels. Japanese media have criticised the government's handling of the disaster and operator Tokyo Electric Power Co for its failure to provide enough information on the incident. On Wednesday, Beijing suspended approvals for proposed nuclear power plants and launched a comprehensive safety check of its own atomic plants operating or being built, in the wake of Japan's nuclear crisis. zeenews

18.03.2011. 01:40