With Beijing suffering an escalating trade war with China which has crippled local economic sentiment, slammed growth to record lows, and unleashed a currency devaluation (and currency war) sparking fears of capital flight even as PPI inflation turned negative slamming corporate profits as soaring pork and fruit prices sent CPI soaring and made future rate cuts by the PBOC extremely complicated, cuts desperately needed by a banking sector caught in an interbank funding freeze that culminating in a record three bank bailouts in three months while plain vanilla corporate defaults soar to an all time high, the only thing that China had going for it was the world's most aggressive credit creation machine, which back in January injected a gargantuan 4.64 trillion yuan ($684 billion) in total credit, more than the GDP of Vietnam, and sparked hopes of a 2nd Shanghai Accord and that China would finally reincarnate the long missing Chinese Credit Impulse which back in 2009 saved the world from all out depression