From Pragmatic Capitalism:

Fears over a Chinese credit crunch have been gaining traction in recent weeks. In a note this weekend, Nomura analysts elaborated on a worrisome trend:

"In order to understand better how serious the problem is, we monitor the bill discount rate, which is the financing cost for firms when they sell commercial acceptance bills to banks for cash. A higher bill discount rate is a signal that the imbalance between supply and demand for credit has worsened. The six-month bill discount rate has worsened at alarming pace since 2011, rising to above...

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