Again, the world is given a Christmas “surprise.” Last year, the U.S. Treasury was nationalized Freddie Mac and Fannie Mae on Christmas Eve when no newsrooms were stirring with even a click of the mouse. This year, the Chinese Central Bank took center stage and announced a rate increase of 25 basis points. Now, I am convinced that this rate increase is NEGLIGIBLE to say the least. The world financial news is going to make this rate increase into an effort by the Chinese authorities to combat inflation but that is pure NONSENSE. The benchmark lending rate was raised 25 basis points to 5.81 percent and the benchmark deposit rate increased to 2.75 percent from 2.75 percent. The economic impact won’t even register.