China's external debt at the end of the first quarter of 2026 was $2.412 trillion, according to the State Administration of Foreign Exchange (SAFE). Compared to the end of 2025, it increased by $83.3 billion (by 4%).
The moderate growth was mostly due to active cross-border trade, which led to the growth of non-resident deposits and trade loans, said Li Binh, deputy chairman of SAFE. He noted that the debt structure by maturity and currency generally remained stable.
At the end of March, 55% of external debt was denominated in yuan, the same as at the end of last year. Medium and long-term debt accounted for about 41% of total debt compared to 43% three months earlier.
