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SaltWire's Atlantic regional weather forecast for October 31, 2023 | SaltWireSHANGHAI - Overnight borrowing costs for some Chinese financial institutions jumped to as high as 50% on Tuesday, as a month-end scramble for cash squeezed liquidity and stressed money markets.
The highest overnight rate for pledged repo - a short-term financing business - hit 50% on Tuesday, according to official interbank data, although the average rate remains modest at roughly 3.6%."The liquidity tightness caught me off the guard, the price suddenly shot up," said a trader at a brokerage.
Rocky Fan, economist at Guolian Securities, said that while the 2013 crisis had resulted from China's crackdown on shadow banking, the current stress was likely due to a high level of leveraged trades in the money market. China last week approved 1 trillion yuan of sovereign bond sales to stimulate economic growth while local governments are rushing to issue refinancing bonds to repay existing debts.
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