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 burning of rebellious thoughts in the little breast, of internal hatred and opposition, could not long go on without slight whiffs of external smoke, such as mark the course of subterranean fire.”
—Harriet Beecher Stowe (1811–1896)
“I wish the days to be as centuries, loaded, fragrant. Now we reckon them as bank-days, by some debt which is to be paid us, or which we are to pay, or some pleasure we are to taste.”
—Ralph Waldo Emerson (1803–1882)