Caixin
Jul 09, 2013 05:51 PM

When the Cracks Appeared

 
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(Beijing) -- Along with the sudden emergence of a cash crunch, the somewhat obscure interbank market has never garnered more attention, ranging from that of government leaders to individual investors.

Since late June, there have been dramatic fluctuations in the interbank market, with interest rates skyrocketing and rumors of financial institutions defaulting. Stocks and bonds prices fell for days. On June 24, the Shanghai Composite Index fell 5.13 percent, then hit 1,849 points a day later, the lowest since August 2009.

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