关键词: 外债, 观察, 货币政策

Abstract: Using relevant quantitative analysis on relationships between external debt balance and its changes and main balance of payments items such as goods import/export, foreign direct investment and money supply (M2) in the past ten years, this article concludes that M2 has stronger relevance with external debt in China. Contrary to the conventional emphasis on external economic sectors such as import/export volume and foreign direct investment , this article draws the conclusion that more attention is needed to monitor the connection between monetary policy and external debt. This article provides a new direction and reference to China’s external debt management practice. In addition, due to limited data availability, more in depth research in this area still needed.

Key words: External, debt, observation, monetary, policy