The central bank raised interest rates yesterday for the fourth time this year to control money supply and rising prices.

Effective today, the interest rate on bank deposits is raised by 27 basis points, and the lending rate by 18 basis points, the People's Bank of China (PBOC) said on its website.

After the hikes, the benchmark one-year deposit rate is 3.6 percent while one-year lending rate is 7.02 percent.