One month ago, we asked if that was it for China's "Shanghai Accord 2.0"? Turns out the answer was a resounding "no."

As we noted at the time, one month after the PBOC injected a gargantuan 4.64 trillion yuan ($685 billion) into the economy - more than the GDP of Saudi Arabia - in the month of January in the country's broadest credit measure, the All-System Financing Aggregate a credit injection that was so massive it even prompted the fury of China's prime minister Li Keqiang who lashed out at the central bank for its unprecedented debt generosity in a time when China was still pretending to be on a deleveraging path, in February the PBOC again surprised China-watchers, this time to the downside, when the Chinese central bank reported that aggregate financing increased by a paltry 703 billion yuan, roughly half the expected 1.3 trillion, the lowest print in the revised series history...

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