China Shadow Banking Growth Contracts Again

Reuters: China May total social financing drops sharply to 760.8 bln yuan

Reuters: China outstanding total social financing up 10.3 pct y/y at end-May

The stock of TSF was growing at 13.2 percent yoy in July 2017 and 11.3 percent in January 2018. The current growth rate of TSF stock is slower than at any point in 2015 and 2016.

The charts below aggregate flow data, not the outstanding stock of shadow financing.