China's benchmark money market rate rose above 4% today, in part indicating investors are hoarding cash for initial public offerings. Seven IPOs began fund raising this week after China's securities regulator unexpectedly approved 12 initial public offerings on Dec. 10, a move which could cool a blistering rally in the country's stock markets. The 12 firms included Spring Airlines, medium-sized Chinese brokerage Guosen Securities as well as a textile maker and environmental technology services provider.
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