HONG KONG — Money market rates in China surged again on Friday, shrugging off the central bank’s efforts a day earlier to provide more liquidity to the market and raising fears that the Chinese financial system could be hit by a credit crisis similar to the one that occurred in June.

Banks in China are struggling to borrow money to meet their short-term financing needs after interest rates in the bank-to-bank market doubled over the last five days. On Friday, one such rate, the seven-day repurchase rate, briefly rose as high as 9.9 percent. That was a level last seen in June, when China’s money markets froze up and some banks defaulted on their payments.

Fears of an interbank cash squeeze began to weigh on broader financial markets on Friday, with the benchmark Shanghai Stock Exchange Composite Index closing down 2 percent.

The situation this week did not reach the painful levels seen in June, but interest rates have soared again in part because China’s central bank appears to be willing to let them rise. The bank has been purposely refraining from its regular open market operations, or the buying and selling of money market instruments to manage liquidity and interest rates.