The official China Securities Journal also reported on reverse repos of CNY50 billion but said that two banks were involved. It did not identify the participating lenders.Overnight SHIBOR is above 7% and 2 Week SHIBOR above 8.5%. Yet, no sign of fear on global markets...
Monday's reserve requirement hike -- the sixth of the year -- has sent money market rates surging to levels not seen since the pre-Chinese New Year holiday scramble for funds in late January.
China Conducts Emergency Reverse Repos As 2 Week SHIBOR Hits Record 8.6%
Follow from the post I published yesterday, ZeroHedge is on top of things on the SHIBOR: