China facing possible debt crisis: bank watchdog

Beijing

CHINA's banking sector could be facing an imminent debt crisis, a global central bank watchdog has warned, fuelling fresh fears about a blowout in the world's No 2 economy that could hit the world economy.

The Bank for International Settlements (BIS) - dubbed the central bank of central banks - said that a gauge of Chinese debt had hit a record high in the first quarter of the year.