China rate rise hits Asian shares

Friday, October 22, 2010

Asian shares have fallen after China unexpectedly raised interest rates for the first time since the onset of the global financial crisis.

Japanese shares fell more than 2 percent before recovering slightly, while Hong Kong's Hang Seng index also slipped.

Sentiment was also hit by a fall in US shares on Tuesday, as banks suffered after Bank of America posted a $7.3bn (£4.6bn) loss due to a one-off charge.

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China rate rise hits Asian shares

Asian shares have fallen after China unexpectedly raised interest rates for the first time since the onset of the global financial crisis.