China's credit is expanding again. The country's total social financing increased by over 3 trillion yuan (about $412 billion) in August, the second-highest level recorded in history for the corresponding period. The significant improvement in credit in August was primarily driven by recent policies. Most of the improvement came from an acceleration in government financing, which increased to 1.18 trillion yuan in August from 0.41 trillion yuan in July and 0.30 trillion yuan in August last year. In addition to better credit data, the economic data for the last few weeks have generally shown encouraging signs: the ... (full story)