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๐Ÿ”” China regulators probe liquidity stress that sent rates to record 50%ย on October 31ย ๐Ÿ‘€

"The China Foreign Exchange Trade System (CFETS), a central bank affiliate that operates China's interbank market, has asked institutions that settled trades on Tuesday at the 50% rate to submit explanations, according two sources with direct knowledge".

"A trader said a large number of fund houses, brokerages and trust firms were scrambling to borrow money in afternoon trade on Tuesday to avoid defaults as big banks appeared reluctant to lend".

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