I still do not believe that the Chinese "recovery" is for real:
Chinese credit issuance surged to a record high in January on the back of a boom in shadow banking, stoking concerns that the economy could overheat.
Total new financing in January reached Rmb2.5tn ($400bn) - up more than 50 per cent from December and more than double the figure a year ago - eclipsing even the start of 2009 when China unleashed stimulus spending to battle the global financial crisis.
â¦The big increase in credit issuance stems from last year when China slouched to 7.8 per cent growth, its weakest in more than a decade. To revive the economy, the government stepped up the pace of infrastructure investment and gave a green light to banks to provide more funding, including through off-balance-sheet channels.