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 ideal of brotherhood of man, the building of the Just City, is one that cannot be discarded without lifelong feelings of disappointment and loss. But, if we are to live in the real world, discard it we must. Its very nobility makes the results of its breakdown doubly horrifying, and it breaks down, as it always will, not by some external agency but because it cannot work.”
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