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 manifestation of poetry in external life is formal perfection. True sentiment grows within, and art must represent internal phenomena externally.”
—Franz Grillparzer (1791–1872)
“Let every man, every corporation, and especially let every village, town, and city, every county and State, get out of debt and keep out of debt. It is the debtor that is ruined by hard times.”
—Rutherford Birchard Hayes (1822–1893)