China repos trade in the over-the-counter interbank market as well as the stock exchange, but repo rates in these two markets are associated with large and persistent spreads that indicate market segmentation instead of integration. This paper examines the behaviours, sources, and drivers of the spread between China’s exchange and interbank repo rates from December 2006 to June 2018. After adjusting for different day-count quoting methods, I dissect the exchange to interbank repo spread into two components: cross-market segmentation between exchange and interbank markets for nondepository institutions (NDIs), and within-market counterparty segmentation between NDIs and depository institutions (DIs) in the interbank market. 

※ WP No. 17 "Dissecting the Segmentation of China’s Repo Markets"를 참조하세요.