June 20, 2013 / 3:12 AM / 4 years ago

China overnight repo rate surpasses 13 pct, highest on record

SHANGHAI, June 20 (Reuters) - A key interbank lending rate in China’s money market reached its highest level in at least 10 years on Thursday.

The weighted-average one-day bond repurchase rate reached 13.1 percent On Thursday morning, the highest level since Reuters’ historical data series began.

A severe liquidity squeeze has hit China’s interbank money market since early June, but the People’s Bank of China has declined to aid the market with aggressive fund injections.

Reporting by Gabriel Wildau; Editing by Jacqueline Wong

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