BEIJING: A key gauge of China's debt has reached its highest level on record, setting off alarm bells of imminent risk to the banking system, a Swiss banking watchdog reported.

China's credit-to-GDP gap reached 30.1 percent in the first quarter of 2016, its highest level ever and far above the 10 percent level associated with banking risks, the Bank for International Settlements (BIS) said in a quarterly report released late Sunday.

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