SHANGHAI : Overnight borrowing costs for some Chinese financial institutions jumped to as high as 50 per cent on Tuesday, as a month-end scramble for cash squeezed liquidity and stressed money markets.
In addition to seasonal factors, the cash shortage was caused by an upcoming flood of government bond issuance, and traders also pointed to market fears of default by cash-strapped institutions.
"The liquidity tightness caught me off the guard, the price suddenly shot up," said a trader at a brokerage. Several traders at small lenders were still seeking to borrow money in later afternoon trading when contacted by Reuters. Some also expressed concern over default in the market, without giving details.The brokerage attributed the cash shortage to a"record supply" of government bonds, as well as restricted channels for banks to borrow money.
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