Another strong credit number, Chinese total social financing (TSF) rising CNY3.48trn in September (mkt 3.15trn) while new yuan loans grew CNY1.9trn (est. 1.7trn).  That leaves overall credit growth steady at +13% yoy.  But that understates this impact.  Indeed, on a 12m rolling basis credit issuance is up 37.8% or 30.4% excluding shadow banking.  This is piling on more leverage to an over-leveraged economy, TSF stock now above 280% of GDP and growing fast, amplified by the GDP hit from Covid.