Australia raises interest rates by 25 basis points

Australia's central bank raised interest rates by a widely-tipped 25 basis points for a second successive month Tuesday, to 3.5 percent, citing strong growth in China and better prospects across Asia. Reserve Bank of Australia governor Glenn Stevens said growth among Australia's major trading partners in the region were experiencing "noticeably better" conditions. "Growth in China has been very strong, which is having a significant impact on other economies in the region and on commodity markets," Stevens said. "For Australias trading partner group, growth in 2010 is likely to be close to trend."

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