China's Renminbi Foreign Debt Reaches 55% of Total, Up 10 Points Since End-2022

According to China's State Administration of Foreign Exchange (SAFE), China's foreign debt structure continued to optimize as of the end of Q1 2026. Renminbi-denominated foreign debt accounted for 55% of total external debt, up 10 percentage points from end-2022, while medium and long-term foreign debt remained stable above 40%, reducing currency and maturity mismatches. The country's overall foreign debt scale has remained stable between $2.3 trillion and $2.5 trillion over the past three years.
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