A negotiable certificate of deposit is a type of short-term bond

The Wall Street Journal report that

  • In part due to funding squeezes elsewhere in the money markets, this has become a key source of funding for midsize banks
  • Amount outstanding rising to 7.4 trillion yuan ($1.07 trillion) at the end of February (double that of a year earlier)
  • A fifth of those instruments-1.53 trillion yuan's worth-mature this month

Banks have been rolling over these bonds at a higher cost

More at the link

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What to watch for with these is any disruption to broader funding mechanisms. A heads-up.