THE People's Bank of China (PBOC), the country's central bank, raised interest rates last Thursday for the first time in nine years in an attempt to cool down the over-heated economy. The benchmark rate for one-year renminbi (RMB) loans was lifted to 5.58 per cent from 5.31 per cent; the rate on one-year deposits rose to 2.25 per cent from 1.98 per cent...