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The central bank has slashed money-market lending rates, and banks have been told to extend the terms of loans. Pessimists say the crisis could be the catalyst for a long-awaited collapse of the country's over-indebted financial markets.
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George Magnus, an economist at the University of Oxford's China Centre and author of Red Flags: Why XI's China is in Jeapordy "you can map this governance conundrum onto the wider economy, including debt management, and see how flawed the whole system is'
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