🔔 China regulators probe liquidity stress that sent rates to record 50% on October 31 👀

"The China Foreign Exchange Trade System (CFETS), a central bank affiliate that operates China's interbank market, has asked institutions that settled trades on Tuesday at the 50% rate to submit explanations, according two sources with direct knowledge".

"A trader said a large number of fund houses, brokerages and trust firms were scrambling to borrow money in afternoon trade on Tuesday to avoid defaults as big banks appeared reluctant to lend".

https://www.reuters.com/markets/asia/china-regulators-probe-liquidity-stress-that-sent-rates-record-50-sources-2023-11-02/

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