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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (20127)	1/1/2005 6:24:58 PM
From: RealMuLan	Read Replies (1) \| Respond to of 116555

China end-Sept foreign debt 223.27 bln usd, up 15.31 pct from end-03 - Thursday, December 30, 2004 4:10:24 AM afxpress.com BEIJING (AFX) - China's total outstanding foreign debt stood at 223.27 bln usd at the end of September, up 29.64 bln usd, or 15.31 pct, from the end of 2003, the State Administration of Foreign Exchange (SAFE) said It said that outstanding short-term foreign debt rose 22.61 bln usd from the end of last year to 99.65 bln usd, accounting for 44.63 pct of the total foreign debt Outstanding mid- and long-term foreign debt increased by 7.03 bln usd from the end of 2003 to 123.62 bln usd, accounting for 55.37 pct of the total foreign debt The figures do not include the foreign debt of Hong Kong, Macau and Taiwan, SAFE said In a statement published on its website, the SAFE said that compared with the end of first half, the strong growth of foreign debt, especially short-term foreign debt, was curbed in the third quarter At the end of September, outstanding foreign debt by foreign banks even fell 4.55 bln usd or 12.09 pct from the end of June to 33.11 bln usd Since the second half of last year, China has been facing pressure from the international community, especially the US and Japan, to strengthen the yuan. They argued that Beijing maintains an artificially low yuan exchange to gain unfair advantages in international trade Speculative inlows are rising on the expectation that China's central government will permit the yuan to strengthen, adding even more pressure on yuan The central government has adopted several measures to prevent new funds from coming in and to channel dollars outside the country, including encouraging domestic companies to invest abroad, allowing emigrants to take their domestic assets overseas and setting a ceiling on foreign debt that can be taken in by foreign banks operating in China In the statement, the SAFE said that during the first nine-month period, China borrowed 124.14 bln usd from overseas, up 51.66 bln usd or 71.27 pct year-on-year It repaid 103.37 bln usd in foreign debt principal during the nine months to September, up 35.73 bln usd or 52.82 pct from a year earlier. It also paid 1.93 bln usd in interest, up 33.82 pct year-on-year Net new foreign debt, which is new borrowings minus principal repaid and interest, stood at 18.84 bln usd during the January-September period, 4.54 times the level from a year earlier At the end of September, sovereign debt stood at 33.88 bln usd and foreign debt by Chinese financial institutions was 64.5 bln usd Foreign-funded companies had outstanding foreign debt of 42.09 bln usd at the end of September, SAFE said (1 usd = 8.3 yuan) allen.feng@xinhuafinance.com al/tr For more information and to contact AFX: www.afxnews.com and www.afxpress.com fxstreet.com