Following the softer October data we saw a strong rebound in credit during November.  Total social financing was up RMB2,610bn (mkt RMB2,700bn) while new loan growth came in at RMB1.270bn (mkt 1.555bn).  This bounce might have been a little less than mkt expectations, but it fits with trend and comes at a time when lenders are caught between managing the risks from property loans and central demands to extend more credit to help China manage the Evergrande led bump in the road.