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Expand chart
Data: Institute of International Finance; Chart: Axios Visuals

The Chinese government had put plans in place to reduce the high levels of debt in the country's economy this year, but the negative economic effects of the trade war have put those plans on the back burner and companies are again levering up, in large part with dollar-denominated debt.

Why it matters: As the yuan weakens, debts held in dollars get more expensive. That could pose a major problem for China should the economy continue to slow. It would also mean problems for the rest of the world, as China is the planet's No. 1 trading nation.

  • The big picture: Having shown that they are unafraid to let the yuan weaken past 7 to 1 with the dollar, Chinese authorities are raising concerns about many companies' indebtedness.

Watch this space: Dollar-denominated debt held by Chinese firms is now more than $1.5 trillion, 20% higher than it was in 2015, data from the Institute of International Finance shows.

  • The distribution of dollar debt has fallen to around 50% of total corporate debt from 70% in 2015, but banks and other financial institutions are now more exposed to currency risk because of their increased borrowing in dollars.

Go deeper: Chinese yuan weakens past key milestone as trade war heats back up

Go deeper

Instagram's boss faces Congress' questions on harm to teens

Photo illustration: Shoshana Gordon/Axios. Photo: Matt Winkelmeyer/Getty Images for WIRED

The head of Instagram will find himself in Congress' crosshairs for the first time Wednesday in the one area lawmakers have shown they are willing to pass tech regulations — protecting youngsters online.

Why it matters: Republicans and Democrats have found common ground in grilling tech companies on how their products harm children, especially after revelations in The Wall Street Journal about Instagram's potential harm to the mental health of teen girls.

Tina Reed, author of Vitals
55 mins ago - Health

Experts fear a bad flu season on top of COVID

Illustration: Sarah Grillo/Axios

Public health officials are warning that the U.S. may be on the verge of a dangerous double whammy: COVID and flu, spreading simultaneously.

The big picture: The Delta variant is still circulating across the U.S., and the Omicron variant isn't far behind. On top of that, experts see potential warning signs of a bad flu season, which could leave millions of Americans vulnerable and strain health care resources.

Updated 2 hours ago - World

Australia joins U.S. in diplomatic boycott of Beijing Winter Olympics

Australian Prime Minister Scott Morrison. Photo: Darrian Traynor/Getty Images

Australia is joining the U.S. in a diplomatic boycott of the 2022 Beijing Winter Olympic Games in protest of human rights abuses committed by China's government, Prime Minister Scott Morrison confirmed Wednesday.

Driving the news: After the Biden administration's announcement that U.S. officials won't attend the Games due to the ongoing genocide of Uighurs and other Muslim minorities in the Xinjiang region of China, Morrison said at a Sydney briefing that Australia would follow suit as "it's the right thing to do."

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