This from the Financial Times, based on their own calculation (The FTCR China Underground Lending survey )

  • Underground lending activity... surging to a near two-year high
  • On the back of a spike in volumes (10 month high)
  • Strongest February reading in the history of the survey (helped by the holiday falling slightly earlier this year)
  • More lenders reported an increase in levels of bad debt

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The FTCR China Underground Lending survey is based on interviews with more than 60 underground bankers

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The Financial Times is gated, but if you have access, link is here: FTCR China Underground Lending Index surges to near two-year high