June 2013 is bound to be an extraordinary page in China’s modern economic and financial history. Both Chinese bankers and international investors were stunned to witness what should have been a modest liquidity shortage quickly escalate into a credit crisis in China’s interbank market. By June 20, the Shanghai interbank overnight rate soared to a record 13.4% from as low as 2.1% in early May. The pain in the interbank market quickly spilled over to other parts of the financial world, triggering
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