Shanghai overnight interbank rate jumps to 10-month high
The Shanghai Interbank Offered Rate (SHIBOR) for the overnight tenor rose to 2.521% on Thursday, the highest since Jan. 17.
The volume-weighted average of the benchmark repo for the same tenor traded in the interbank market also rose to a near 10-month high of 2.522% as of 0306 GMT.
Rising overnight borrowing rates in China’s interbank market this week reflect tightening cash conditions as the economy rapidly recovers, giving the central bank room for a more flexible approach to monetary policy, traders and analysts said.
https://www.reuters.com/article/china-markets-rates/shanghai-overnight-interbank-rate-jumps-to-10-month-high-idUSB9N2FZ020
and if you actually believe that last sentence you probably voted for Joe.