China Repo Rates Soar To 15 Month High After PBOC Warns Of Asset Bubbles, Drains Liquidity

China Repo Rates Soar To 15 Month High After PBOC Warns Of Asset Bubbles, Drains Liquidity China's money market rates surged after the People's Bank of China drained cash from the financial system, just as a central bank adviser warned about bubbles in markets. The overnight repurchase rate soared 28 basis points to 2.77%, the highest since October 2019, and just a month after it hit a record low. At the same time, the cost on 7-day repurchase agreements jumped 36 basis points to 2.79%. Earlier in the day the PBOC withdrew a net 78 billion yuan via open-market operations,…