The interbank market in China has seen rates soar in a reflection of tighter liquidity conditions as economic growth slows and savings are being pulled from deposits into higher yielding wealth management products.
Last week rates rose to 9.6 per cent before falling back to about 7 per cent on Friday. A month ago they were less than 3 per cent.
Beijing seems to have tolerated this squeeze – which is also due to dividend repatriation, seasonal outflows and technical settlement issues – as a partly successful effort to slow sales of wealth management products in the shadow banks.
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