Few major economies raise rate

Since Australia's rate hike last month only Norway has followed suit. Last week the oil-rich Scandinavian nation raised its key rate a quarter point to 1.5 percent due to a sharper-than-expected rise in inflation and lower unemployment.

By contrast, the US Federal Reserve has kept its benchmark rate close to zero for almost a year. An announcement on rate policies by central banks in the US, UK and The EU are expected later this week. BizChina will keep you updated.