As the following chart from BofA’s Michael Hartnett shows, which puts China’s latest credit expansion in historical context, January’s debt tsunami was vastly greater than China’s credit expansion during both the global financial crisis and the Shanghai Accord……The increase in total social financing appears rather large on the surface, but if one analyses in detail, a large part of this rise was bill financing and short-term lending. Not only does this potentially create ‘arbitrage’ and ‘empty cycling’ of funds, but it may also bring new potential risks.”
https://www.zerohedge.com/news/2019-02-23/chinas-premier-slams-central-bank-gargantuan-lending-spree
