China data shows liquidity outpaces economic growth

China's outstanding total social financing (TSF), a broad measure of liquidity in the economy, rose to 122.86 trillion yuan ($19.7 trillion) at the end of 2014, up 14.3 percent from a year earlier, the central bank said on Tuesday. This is the first time the People's Bank of China has released data on outstanding TSF, which captures lending outside traditional loans, such as trust loans and other forms of shadow financing. Policymakers have been trying to reduce the economy's reliance on credit