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China's Wen Assures Public About Inflation


China's premier reassured the public Sunday that the government would be able to control inflation, a day after the central bank raised interest rates.

Premier Wen Jiabao said on China National Radio that, as a major leader of the government, he has the responsibility and the confidence Beijing can keep prices at a reasonable level.

The People's Bank of China raised key interest rates by a quarter of a percent Saturday in an effort to curb borrowing and control inflation.

It is the second time in recent months the central bank has raised interest rates.

The bank said Saturday it will increase 1-year lending and deposit rates by a quarter of a percent each. The move takes 1-year lending to 5.81 percent, while deposit rates will rise to 2.75 percent.

The bank raised interest rates in October for the first time in nearly three years. Saturday's announcement said the new rate increases take effect Sunday.

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