It had the flavour of panic: Chinese financial institutions scrambled for short-term interbank loans last week before the People’s Bank of China released liquidity into the market. The episode highlights China’s conundrum in managing a financial system that has racked up debts too liberally yet remains in need of further liberalisation.
我們嗅到了一絲恐慌的味道：上週，中國金融機構競相爭奪短期銀行間貸款。這一情景凸顯出中國金融體系的管理困局——這個金融體系一方面肆無忌憚地積累了大量債務，另一方面卻仍需進一步自由化。
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