In June and December last year, China’s interbank interest rates jumped from their normal level of about 3 per cent to peak as high as 9 per cent a year. The shockwaves did not stop there. Banks scrambled for deposits and pushed up interest rates on their wealth management products. Funding costs in the vast shadow banking sector also moved up, while stocks and bonds suffered falls.
去年6月和12月，中國銀行間拆借利率從3%左右的正常水平，飆升至9%的高點。利率飆升的沖擊并未就此止步。銀行拼命爭奪存款，并推高了其理財產品的收益率。規模龐大的影子銀行體系中的融資成本也在走高，而股票和債券則出現下跌。
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