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 boundary line between self and external world bears no relation to reality; the distinction between ego and world is made by spitting out part of the inside, and swallowing in part of the outside.”
—Norman O. Brown (b. 1913)
“Ambition’s debt is paid.”
—William Shakespeare (1564–1616)