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:

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.

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.

Overnight SHIBOR is above 7% and 2 Week SHIBOR above 8.5%. Yet, no sign of fear on global markets...