Just a few weeks later, the answer appears to have been yes, and not only because of the new quasi-QE policy unveiled by a suddenly concerned PBOC last night, which "encourages" Chinese banks to buy AA- rated, i.e. stressed corporate bonds, those which have seen their spreads blow out in recent months on fears of growing defaults...

... but because just one month later, one of China's biggest corporate-debt defaults hit, with the collapse of a coal mining giant that had taken advantage of China's wave of cheap and easily accessible credit until Beijing once again changed the game with their aggressive deleveraging campaign, which sent shadow credit creation crashing to record lows just last month.