From Moody's in Hong Kong, their latest Quarterly China Shadow Banking Monitor
- Moody's says economy-wide leverage continues to increase
- Total social financing (a measure of broad credit) has risen to an estimated 220% of GDP from 206% at end-2015
- Credit flows are being sustained by bank lending, especially mortgage loans, and a revival in corporate bond issuance
- The growth of shadow banking components included in TSF remain subdued
- However, Moody's notes that some of the fastest growing shadow banking components are not included in TSF
Concerns over the rate of credit growth on China continue.