There is a lot of effort going into supporting Chinese markets today

For example ... lets destroy CNH shorts ... Overnight yuan HIBOR to record 66.8% (from yesterday's 13.4%)

Has it paid off?

You tell me.

Shanghai Composite has stuck its nose above water:

barely

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There is plenty of "this is positive for 'risk' " going around. Its all very tenous IMO. Still, there is no doubting the PBOC's determination ... jamming HIBOR so high is a sign of it.