Chinese stocks closed down for the ninth consecutive session, the worst run since 1994, amid increasing fears of another cash crunch in the short-term money markets. The seven-day repurchase rate soared 100 bps to a six-month high of 7.6%, representing a jump of 328 bps this week. The spike today came as borrowing remained difficult despite the People's Bank of China making an emergency cash injection in the financial system yesterday after being inactive for over two weeks. The Shanghai Composite closed -2%.
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