China TSF Adjustment: Local Govt Debt Added

In the prior post on the latest credit and money supply data, I noted there was a big jump in total outstanding TSF, one likely accounted for by adjustments.

The PBoC added local government debt into the figures. The revision comes a month after a similarly large revision.

ZeroHedge: China Changes Definition Of Aggregate Financing To Disguise Sharp Credit Slowdown
However, this being China, there was as usual a big footnote with this latest credit data: starting this month, the PBoC further adjusted its definition of aggregate financing by including net financing through local government special bond issuance - just two months after it added asset-backed securities (ABS) and non-performing loan write-offs into this measure - and the same LGFV source of debt which yesterday S&P said could contain as much as $5.8 trillion in off balance sheet debt.
I haven't seen revised numbers yet, so here's the chart with only the September number revised to show the magnitude of the change.

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