Red Ponzi’s Credit Impulse Shrinks To 2-Year Low Amid Collapse Of Shadow Banking Debt

As in recent months, the reason why TSF was below new RMB loans was entirely due to the ongoing decline in “shadow banking” conduits, such as entrust loans, trust loans and bank acceptance bills…..And despite the latest stronger than expected China credit data, China still has a long way to go to: the latest data showed that China’s credit impulse is still negative and remains at the lowest level it has been in two years.