At 9:30 that morning, fund traders thought everything was normal. Although various loan interest rates had risen slightly, considering it was the last day of October and the government's intensive bond issuance, the rate increase seemed logical. However, the market dramatically changed in the afternoon – by 4:00 PM, market liquidity had reached an extreme point. Non-banking institutions, in a panic, raised interest rates to attract funds, eventually pushing the overnight rate to a staggering 50%.
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