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Leverage in China's bond market at record high

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Chinese bankers say a debt-driven bond market rally is starting to show the same signs of overheating that preceded a collapse in equities. Repurchase transactions allowing investors to use existing note holdings as collateral to borrow money for one day doubled in the past year to a record 2.1 trillion yuan ($330 billion) on Monday. The cost of such funding in the interbank market has risen to 1.89 per cent from a five-year low of 1 per cent in May and has swung violently before, reaching 11.74 per cent in June 2013. A similar contract on the Shanghai stock exchange climbed to 2.21 per cent as equities rallied. Credit spreads at the narrowest in six years are being questioned as a steel...

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