China's first batch of debt-to-equity swaps is expected to "resolve" 1 trillion yuan ($154.38 billion) in potential bad banking debt in three years or less, media group Caixin reported on Monday, citing an unnamed policy banking source. In a cover story in its weekly magazine, Caixin cited a single "high-level" source at China Development Bank, a policy bank under the direct supervision of the State Council, regarding the scope of the programme without stating how the person had knowledge of the plans.