An employee counts Chinese one-hundred yuan banknotes in an arranged photograph at the Bank of China Hong Kong Ltd. headquarters in Hong Kong, China. (Photographer: Xaume Olleros/Bloomberg)

China's Upside-Down Money Market Tests the PBOC's Role

(Bloomberg) -- It’s now cheaper for Chinese financial institutions to borrow from their peers than to seek funds from the central bank -- a situation not seen in nearly three years.

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