ANy stocks exposed to china, will be down atleast 2-5%...

ANy stocks exposed to china, will be down atleast 2-5% today.

Resources: China Rate Hike Triggers UK Sell-Off

Last night the People’s Bank of China surprised the market by lifting China’s benchmark interest rates in a bid to cool the fast growing economy. This is the first rise in interest rates by the People's Bank of China in 9 years, and caused a sharp sell-off in resource stocks overnight. Australian diversified giants, BHP Billiton (BHP) and Rio Tinto (RIO), faced heavy selling pressure in the UK where they suffered falls of 3.7% and 2.8% respectively.

The People's Bank of China lifted interest rates on loans and deposits by 0.27 percentage points, primarily to slow the buoyant property market and cool investment. China is struggling to curb investment growth which continues to keep quarterly economic growth ticking over at more than 9% year-on-year, but has pushed inflation to seven-year highs.

One analyst said that while the rate rise isn't large, it will have a significant impact on sentiment. Resource stocks are expected to be extremely volatile today following yesterday’s takeover activity and last night’s sell-off.