Mistrust between borrowers and lenders in the repo market can feed on itself and build into bigger problems
SHANGHAI—Signs of funding stress in China’s money markets have abated after the country’s financial regulators urged banks and brokerages to restore calm, but the recent disruptions showed the financial system’s vulnerability to even small shocks.
Late last week, an important short-term funding measure, the one-month repo rate, fell back to 3.17% after hitting a high of 5.28% on June 17. The rate measures the cost of secured borrowing between financial firms that use the country’s bond repurchase-agreement market to obtain...
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