Another reason for the mild stock market reaction, economists said, was that the Chinese central bank only raised borrowing and lending rates by a little more than a quarter of a percentage point. That is too little to have much immediate effect, although further increases are expected.
"It's the [US Federal Reserve Chairman] Alan Greenspan style -- you increase a quarter point, but maybe you have more to come," said Li Kui-wai, the coordinator of an Asian studies center at the City University of Hong Kong.
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