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Something Just Broke In China As Repo Rate Soars To 1,000% Overnight

Summary:
This creeping "Ice Nining" of China's banking system, and its closest encounter with the proverbial "Lehman moment" yet, came overnight when, inexplicably, the four-day repo rate on China’s government bonds (i.e., the cost for investors to pledge their Chinese government bond holdings for short-term funding) on the Shanghai exchange briefly spiked to 1,000% in afternoon trading! https://www.zerohedge.com/news/2019-07-19/something-just-broke-china-repo-rate-soars-1000-overnight

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This creeping "Ice Nining" of China's banking system, and its closest encounter with the proverbial "Lehman moment" yet, came overnight when, inexplicably, the four-day repo rate on China’s government bonds (i.e., the cost for investors to pledge their Chinese government bond holdings for short-term funding) on the Shanghai exchange briefly spiked to 1,000% in afternoon trading!

Something Just Broke In China As Repo Rate Soars To 1,000% Overnight

https://www.zerohedge.com/news/2019-07-19/something-just-broke-china-repo-rate-soars-1000-overnight

David Stockman
David Alan Stockman (born November 10, 1946) is a former businessman and U.S. politician who served as a Republican U.S. Representative from the state of Michigan (1977–1981) and as the Director of the Office of Management and Budget (1981–1985) under President Ronald Reagan.

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