China’s cash squeeze extended with some signs of disruption to trading, as a liquidity infusion from Beijing failed to counteract a spike in demand for funds.
The volume-weighted average rate of seven-day repurchase transactions in the money market, a gauge of borrowing costs, climbed to 2.32%, the highest since October 2023. Late Wednesday there were some failed trades and a 10 minute delay to the official close of a clearing system, according to traders who asked not to be identified as they are not allowed to speak publicly.
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