China's foreign debts reach $392 bn

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China's outstanding foreign debts have touched USD 392.59 billion after a rise of USD 18.97 billion in the first quarter of 2008.

The incurred medium and long-term foreign debts amounted to USD 7.75 billion in the first three months of 2008, data from the State Administration of Foreign Exchange (SAFE) showed.

The outstanding medium and long-term foreign debt reached USD 155.86 billion, a rise of USD 2.33 billion from the end of last year, it said, adding, during the same period, short-term foreign debt stood at USD 236.73 billion, a rise of USD 16.64 billion from the previous quarter.

In a move to curb rampant "hot money" flow from investors speculating on appreciating currency and asset prices that would exacerbate excessive liquidity and worsen inflation, SAFE has said it would tighten oversight of the cross-border money flow, specifically the outstanding short-term foreign debt.