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This is the first study to explore the transmission paths for liquidityshocks in China's segmented money market. We examine how money markettransactions create such pathways between China's closely-guarded bankingsector and the rest of its financial system, and empirically capture thetransmission of liquidity shocks through these pathways during two recentmarket events. We find strong indications that money market transactions allowliquidity shocks to circumvent certain regulatory restrictions and financialmarket segmentation in China. Our findings suggest that a widespreadilliquidity contagion facilitated by money market transactions can happen inChina and new policy measures are needed to prevent such contagion.

The transmission of liquidity shocks via China's segmented money market: evidence from recent market events