External Debt
According to United Nations statistics for 2001, China’s external and public, or publicly guaranteed, long-term debt had reached US$91.7 billion. China’s debt had grown steadily during the 1990s, peaked at US$112.8 billion in 1997, and then declined annually thereafter. By 2004 China had US$618.5 billion in its international reserve account, 98.6 percent of which was from foreign exchange, not including the Bank of China’s foreign exchange holdings.
Read more about this topic: Chinese Financial System
Famous quotes containing the words external and/or debt:
“The soul, he said, is composed
Of the external world.”
—Wallace Stevens (1879–1955)
“Pain and fear and hunger are effects of causes which can be foreseen and known: but sorrow is a debt which someone else makes for us.”
—Freya Stark (1893–1993)