Report: PBOC to raise interest rates

China's central bank decided to raise interest rates in order to reduce investment growth, according to a report in the South China Morning Post. According to the Post's sources, the People's Bank of China (PBOC) decided to raise the interest rate by 0.5 percentage points. The report's sources also said that PBOC officials were contemplating increasing deposit rates by 0.25 percentage points. The report said that the rise in the lending rate would come after the May Day "Golden Week" holiday. If the interest rate is raised, it will be the first time in nine years.