The repo rate is now 4.25%, a record low.

回购利率目前为4.25%，创历史新低。

The repo rate spiked. Some banks stepped in, lending to companies at elevated rates.

回购利率飙升。一些银行介入，以高利率贷款给企业。

That sent shivers down spines. A spiking repo rate was an early warning sign before the financial crisis.

这让人毛骨悚然。回购利率飙升是金融危机前的一个早期预警信号。

In 2007, as market participants began to doubt the quality of collateral backed by mortgage lending, repo rates jumped as lenders hoarded cash.

2007年，由于市场参与者开始怀疑由抵押贷款支持的抵押品的质量，回购利率随着银行囤积现金而飙升。