As China’s credit crunch takes a turn for the worse, the question of why the central bank has permitted market conditions to deteriorate so suddenly and so sharply looms ever larger.
Short-term money market rates hit more than 10 per cent, a record high, yesterday, nearly triple their level of two weeks ago, after the bank refused to inject extra funds into the strained financial system.
Analysts have viewed the squeeze in economic terms, as a warning to lenders that they must rein in dangerously fast credit growth.
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