China's Credit Crunch Signals How Serious Beijing Is About ReformBy
So what to make of China’s June credit crunch, the worst in at least a decade, which saw interbank lending rates reach a new high? On June 20, the overnight repurchase rate set a record at 13.91 percent, before the People’s Bank of China, China’s central bank, injected funds, driving rates into their its biggest fall since 2007.
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