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Chinese Yuan banknotes are seen behind illuminated stock graph in this illustration taken February 10, 2020.

REUTERS/Dado Ruvic/Illustration/File Photo

China takes on a trillion yuan debt

On Tuesday, China approved a 1 trillion yuan ($167 billion) increase in sovereign debt in a rare midyear budget reassessment as sluggish growth and local governments’ lopsided balance sheets pose major challenges for Beijing.

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