The credit impulse peaked at 15.5 trillion yuan during the last major bullish easing cycle dated 2015, equating to 15% of the GDP. Back then, the Chinese stocks, represented by the CSI 300, more than doubled in six months and BTC found a bottom near $100, turning higher for a two-year bull run that peaked near $20,000 in December 2017.

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Author: Omkar Godbole

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