Fed Rate Hike Bodes Ill for China Economy

(Beijing) — The U.S. Federal Reserve's interest rate hike and its suggestion that it will accelerate such moves in the coming years have cast a shadow on prospects for the Chinese economy and are expected to prompt Beijing to take further measures to curb capital outflows.

The Fed on Wednesday decided to raise the federal funds target rate by a quarter percentage point to a range of 0.5% to 0.75%.