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:
“My grief lies all within,
And these external manners of laments
Are merely shadows to the unseen grief
That swells with silence in the tortured soul.
There lies the substance.”
—William Shakespeare (1564–1616)
“A good debt is not as good as no debt.”
—Chinese proverb.