Chinese credit growth rebounded after the weaker October numbers.  Yuan loans came in at CHY1,430bn while total social financing hit CNY2,130bn.  Money supply also ticked up a touch, M3 at 10.7% from 10.5%.  Although outstanding loan growth eased a touch to 12.8% from 12.9% the monthly rise in TSF still exceeds the increase we saw last year, maintaining the leveraging trend we’ve seen since Covid hit.  Indeed, ytd overall debt measured by the data has risen by 26% of GDP to 280%.