The Standard – Borrowing costs in China surged for the sixth straight day as the seven-day Shanghai interbank offered rate rose 57.5 basis points to 5.3053 percent.
The surge follows tightening measures by Beijing. The Shibor reached its highest level since February 23, when the rate stood at 6.2033 percent. Rising interest rates have prompted the central People’s Bank of China to slash the size of a three-month bill sale today to one billion yuan (HK$1.19 billion) from 20 billion yuan last week.
