Margin debt at mainland brokerages totaling RMB2.2 trillion (US$354 billion) – racked up by traders borrowing to invest in China’s stock market – may only cover just under half of the actual total when money borrowed from unsanctioned lenders such as trusts is included, Reuters reported, citing analysts and grey market lenders. Total leverage could be up to US$635 billion, or roughly 20% of the free float of the mainland stock market. “No matter how much you want to borrow, we can give it to you,” said one grey market lender based in Shenzhen.