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:
“Given that external reality is a fiction, the writer’s role is almost superfluous. He does not need to invent the fiction because it is already there.”
—J.G. (James Graham)
“This is the debt I pay
Just for one riotous day,”
—Paul Laurence Dunbar (1872–1906)