The previous peak was CNY14 trillion in 2010.
Barclays estimates that TSF is on track to reach a new record of ~CNY15trn this year, versus the previous peak of CNY14trn in 2010.
Here's more from Barclays:
In October, new loans totalled CNY505bn, lower than our below-consensus forecast of CNY570bn (Reuters: CNY600bn), and the CNY587 last October. In contrast, TSF came in at CNY1.29trn, CNY503.8bn more than last year.
Among the other key components, debt financing rose by CNY135bn from last October (y/y), entrusted loans were up CNY42.3bn y/y, trust loans up CNY135bn, and discounted bills up CNY198bn.
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