Chinese banks have stepped up their borrowing of short-term funds as fears of a cash crunch remain on the horizon, even as Beijing seeks to calm traders following recent liquidity pressures.
Local lenders doubled their issuance of so-called negotiable deposit certificates, a form of debt with maturities of one to 12 months, to more than 1 trillion yuan ($137 billion).
This is the largest weekly issue of such debt ever, according to data compiled by “Bloomberg.”
This rush occurs despite borrowing costs reaching a six-month high in the tradable certificate market. Even some state-backed banks, which usually enjoy cheaper rates due to a lower chance of default, chose to pay more. The world’s largest asset lender, Industrial and Commercial Bank of China, sold six-month bonds with the highest return in 2023.
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