Here’s The Most Important Thing You Missed On Friday

Remember this chart from Citi's Matt King? That right there is your global credit impulse, and as you can see from the preponderance of red (which I assume Citi used in a kind of tongue-in-cheek way), China is almost the sole source of private sector credit creation. What does that mean? Well, in the simplest possible terms, it means that if the PBoC's efforts to stealth tighten via OMO hikes (indicative of Beijing's struggle to rein in speculation and prick dangerous bubbles before they be