The cash crunch is a semi-permanent feature in the Chinese economy since June 2013. Whether it rears its head or not depends on central bank intervention and short-term factors. However, we can still see the effects in some markets even when the intervention is successful in holding down SHIBOR.
Here's a chart from 金牛理财 of WMP yields for non-guaranteed products at small banks. The products are broken down by maturity, one month maturity at the short end to more than 12 months at the long end.
Credit remains tight.
Earlier this week: Chinese Banks Hunt For Deposits As Mid-Year Regulatory Snapshot Approaches
Inflation in everything you need, deflation in everything you want
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