While we have previously shown the amazing gimmicks the Chinese central bank does with the short end of the offshore Yuan interbank offered rate, which as previously explained, and as shown in the animation below, has become the PBOC's favorite means of punishing currency speculators by making Yuan borrowing costs against shorts crushingly high, forcing short unwinds...

... when it comes to more traditional unsecured short-term funding markets, like the simple overnight repo, these reflect overall levels of liquidity in the interbank market, or as the case may be, complete absence thereof. 

And while China is notorious for suffering major liquidity shortages heading into a new year (including the non-lunar variety), what happened overnight in China is worth pointing out because according to Bloomberg data, the overnight repo rate traded on Shanghai Stock Exchange soared as much as 30.87% to 33%, the highest since September 29, before closing at 18.55%.