Banks have shifted into an ultra defensive mode, effectively hoarding cash and refusing to lend to each other and to the real economy, driving up the cost of intra bank borrowing to over 4%.

• 银行已经转移到一个终极防御模式，就是有效地囤积现金，并拒绝借钱给其他银行以及实体经济，从而抬高银行间借款的成本至4%25以上。