(Reuters) - China's key stock index opened up 0.3 percent on Monday after the People's Bank of China announced a benchmark interest rate rise over the weekend, the second such increase in two months.
The benchmark Shanghai Composite Index opened at 2,842.8 points, with banking and insurance shares rising on expectations that higher benchmark rates will support their earnings.
The central bank raised official lending and deposit rates by 25 basis points on Christmas Day, moving sooner than many analysts and market participants had expected to ramp up its campaign to combat inflation.
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