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Beijing — The Chinese yuan faced a decline of 0.3%, pushing the USD/CNY exchange rate to 7.2550, as the yuan touched a five-week nadir. The backdrop for this downward trend is the escalating apprehensions regarding the deteriorating economic landscape in China.
On Monday, Country Garden (HK:2007), a prominent player in China’s real estate sector, experienced a significant drop to an unprecedented all-time low. This downturn followed the company’s announcement of a suspension in the trading of its onshore bonds, highlighting the mounting debt predicaments it is grappling with.
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These unfolding events cast a shadow over China’s real estate domain, a pivotal driver of the nation’s economy.
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