In an interview with CNBC on Wednesday, Kyle Bass shared his starkly bearish views on China's banking system and the country's currency.
The yuan will be devalued 30 to 40 percent due to loan losses in China's banking sector, according to the hedge fund manager.
Bass is founder and managing partner of Hayman Capital Management. He is known for profiting and betting against subprime mortgages during the U.S. financial crisis in 2008.
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