BEIJING, Dec. 29 -- China's outstanding external debt stood at 2.38 trillion U.S. dollars at the end of September 2023, data from the country's forex regulator showed Friday.

This represents a drop of 2 percent or 50.9 billion dollars from the level at the end of June, according to the State Administration of Foreign Exchange.

The lower outstanding external debt of banks is the main reason behind the drop, said Wang Chunying, deputy head of the administration.

The scale of China's external debt will remain stable, as the country's long-term growth fundamentals remain unchanged, she said.