China’s foreign debt grows by 27% but “it’s safe,” say officials

China’s foreign debt totaled $697.16 billion at the end of September, a rise of 27 percent over the figure at the end of 2010, according to the foreign exchange regulatory officials of the Asian country. The short term debt accounted for 72.81 percent of the total, amounting to $507.63 billion, underlines the State Administration of Foreign Exchange on its official website.

In addition, the institution explained that 75.81 percent of the registered debt is in US dollars as opposed to the 8.11 percent in yen and 7.21 in euros (the yen is the only one of the three currencies that reduced its quota compared to 2010) and the increase in the Chinese debt is

“in line with the growing volume of foreign trade, and does not affect the security of the country’s foreign debt,” assured the administration.

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