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China is facing economic challenges, including a property debt crisis and a potential cash crunch. Chinese banks are packaging non-performing loans as asset-backed securities, while the country's real estate market is at a critical juncture. The yuan is losing value but gaining ground as a financing currency for overseas businesses. Private credit funds are entering the precarious property industry in Australia as banks become more cautious. The under-developed market for credit default swaps is causing further pain for the region's real estate developers. Despite concerns, China's central bank governor believes the risks in the property sector are under control.
