For all those that were thinking it might be safe to get back in the water, Chinese short-dated lending rates have exploded higher today – from Shibor.org:
With interbank rates pushing higher across the curve, the screws are being tightened on debt-fuelled construction.
Now wonder the Shanghai Composite has broken lower – down 0.9% again today – the odds of a test of last July’s lows are shortening…
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