SAFE: China's External Debt Situation Remained Generally Stable in Q2 2026, Balance Up 4% to $2.50 Trillion

Li Bin, Deputy Administrator of the State Administration of Foreign Exchange (SAFE) and the agency's spokesperson, answered reporters' questions on China's external debt data as of the end of June 2026. Li Bin said China's external debt situation was generally stable in the second quarter of 2026.

First, the external debt balance rose modestly. At the end of June 2026, China's full-scope external debt balance (in both local and foreign currencies) stood at 2,498.2 billion US dollars, an increase of 86.1 billion US dollars, or 4%, from the end of March 2026, mainly driven by relatively active cross-border trade, with growth in enterprises' trade credit and intercompany loans.

Second, the currency composition of external debt improved somewhat while the maturity structure remained basically stable. At the end of June 2026, local-currency external debt accounted for 56%, up 1 percentage point from the end of March 2026; medium- and long-term external debt accounted for 41%, flat compared with end-March.