The aggregate financing data out over Easter was a giveaway on this, a huge surge again.

Via Bloomberg:

  • China's shadow banking is back in full swing, an unintended side effect of the government's campaign against financial leverage, which has curbed traditional lending and squeezed bond financing.
  • Data from the central bank Friday showed that off-balance sheet lending surged 754 billion yuan ($109 billion) in March, taking the first quarter's total increase to a record 2.05 trillion yuan. Efforts by the People's Bank of China to curb fresh lending may have prompted borrowers, especially real estate developers, to resort to alternative forms of financing, said Xu Gao, chief economist at Everbright Securities Co.

the full Bloomberg piece is here

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Risks in China's financial system are trying to be addressed, but developments like these indicate the difficulties faced.