I still do not believe that the Chinese "recovery" is for real:
Chinese credit issuance surged to a record high in January on the back of a boom in shadow banking, stoking concerns that the economy could overheat.
Total new financing in January reached Rmb2.5tn ($400bn) - up more than 50 per cent from December and more than double the figure a year ago - eclipsing even the start of 2009 when China unleashed stimulus spending to battle the global financial crisis.
…The big increase in credit issuance stems from last year when China slouched to 7.8 per cent growth, its weakest in more than a decade. To revive the economy, the government stepped up the pace of infrastructure investment and gave a green light to banks to provide more funding, including through off-balance-sheet channels.