China banks turn to exchanges for cash


  • Business
  • Thursday, 20 Jun 2019

SHANGHAI: China’s smaller banks and brokers are turning to stock exchanges to borrow short-term cash this week to escape the typical end of June pressure in money markets and more recent worries over credit risks in the sector.

The volume of repurchase agreements on the Shanghai stock exchange, in which banks and other financial firms borrow money from each other using bonds as collateral, surged as borrowers sought an alternative to the over-the-counter interbank money market.

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