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China’s Proposed Overnight Policy Rate Would Rewire Its Market Signal
China’s central bank is considering shifting its main policy-rate reference from a seven-day reverse-repurchase rate to an overnight rate. The change would align the official signal more closely with short-term market funding, altering how banks and investors interpret liquidity operations without necessarily amounting to an immediate rate cut.
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The Shadow Banking System — The $60 Trillion World Outside the Banks
Shadow banking — hedge funds, money market funds, repo markets, and securities dealers — constitutes a $60 trillion parallel financial system operating largely outside traditional bank regulation. It nearly destroyed the global economy in 2008.
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