Chinese Overnight Funding Rate Hits Unprecedented 105%

It appears Chinese authorities are deadly serious about crushing shorts and halting speculative outflows as the liquidity freeze in Chinese markets has sent overnight deposit rates to a record 105% as one or more bank's utter desperation for funds looks like a giant fat finger.

Today's spike is up 45 percentage points from yesterday's 60% rate...

 

and at the same time, PBOC strengthened the Yuan fix by the most since 2005 to narrow the gap to the massive short squeeze move in offshore yuan...