Perhaps in response to this apparent crisis, The PBOC has also announced that banks will be allowed to use reserves at the central bank of up to two percentage points to meet liquidity needs during the February lunar new year celebrations.

China's central bank is allowing temporary reserves use for 30 days to cover any liquidity needs.

Notably, at the same time, overnight Hong Kong Dollar HIBOR rates exploded higher...

Suggesting there is more than a little tightness in Chinese money markets ahead of the calendar new year.

This was also very evident in JPY, EUR, and GBP  liquidity markets... until today...