BEIJING — China raised a key interest rate Wednesday for a third time this year as it tries to cool surging inflation. The benchmark rate for one-year loans will be raised 0.25 percentage points to 6.56%, effective Thursday, the central bank announced. The rate paid on deposits will rise a similar margin to 3.5%. Inflation hit a 34-month high of 5.5% in May and is believed to have risen in June even as an overheated economy cools gradually under the pressure of investment curbs and other controls…

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In recent months it would seem as though China has had some difficulty controlling inflation. It would appear that the decision noted above has been made in an attempt to reign in rising inflation. In a previous posting on this blog it was noted that economic officials in the Southeast Asian nations of Laos and Cambodia have commented upon the likelihood that inflation would increase in those countries moving forward. Clearly, there exists an overall trend of inflation around the globe, but it remains to be seen whether governmental efforts will be successful in mitigating the ramifications of this economic force.

In related economic news, it appears that officials of the Association of Southeast Asian Nations (ASEAN) are poised to meet with business leaders from the nation of Japan. To shed light upon these unfolding events it may be prudent to quote directly from Yahoo News Singapore at Yahoo.com:

KUALA LUMPUR, July 5 (Bernama) — The Federation of Japanese Chambers of Commerce and Industry in ASEAN (FJCCIA) will hold its fourth annual dialogue with the Secretary-General of ASEAN Secretariat, Dr Surin Pitsuwan, here on Friday. During the dialogue, they will exchange views on tackling business issues associated with Asean”s on-going economic integration, said Takehide Teranishi…

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In a previous posting on this blog it was noted that the ASEAN community had sent a goodwill mission to Japan in response to events which transpired as a result of the tragic Earthquake in March of this year. As Japan remains a substantial economic force in both an Asian and global context it remains an important trading center. Therefore, other countries such as the United States, those within the ASEAN region (Brunei Darussalam, Cambodia, Indonesia, Laos, Myanmar, Philippines, Singapore, Thailand, Malaysia, and Vietnam), and even the so-called BRICS countries (Brazil, Russia, India, China, and South Africa) seek to maintain strong trade relations with Japan. Hopefully economic benefits derived from the discussions noted above will accrue to the economies of all concerned.

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