What Tightening? China’s “Magic Money Turbocharger” Just Hit A Record

Right, so no matter what anyone tells you, there's no way to get a solid read on whether or not China is having any success at getting a handle on the country's out-of-control, batshit crazy shadow banking complex. You can parse the TSF data, but you'll get mixed signals and really this isn't as simple as subtracting new RMB loans from the headline TSF print and saying: "there, that's shadow credit." About a week ago, Goldman took a deep(ish)-dive into what the bank called "the shadowiest par