The People's Bank of China has raised interest rates by 25 basis points. Experts say the latest adjustment makes it clear that taming inflation, is the nation's top economic priority.

One-year deposit rates will go up to 3.5 percent, while one-year lending rates will jump to 6.56 percent. The new standards become effective Thursday morning.

According to a newly released macro-economy report, the country will still face inflationary pressure in the second half of this year. The document expects the CPI to increase by as much as 4.8 percent, by the end of 2011.

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