China financial dynamics GTM –UK | 35 Public, household and non-financial corporate debt Chinese renminbi % of GDP, Q216 Rebased index level (LHS); price of a dollar in RMB (RHS) 400 Public debt Trade-weightedRMB Non-financial corporation debt y Household debt 300 Global econom USD/RMB 200 China foreign exchange reserves and external debt USD trillions External debt as a % of global GDP EM Asia US China 100 1998 2008 2014 1.7% 21.8% 1.2% 0 Japan Eurozone China UK US Korea Source: (Left) BIS, J.P. Morgan Asset Management. Household and NFC debt is market value. Government debt is gross and nominal value, except for Korea which is market value due to data limitations. All series adjusted for breaks by the BIS. (Top right) BIS, FactSet, J.P. Morgan Asset Management. (Bottom right) FactSet, People’s Bank of China, J.P. Morgan Asset Management. Guide to the Markets - UK. Data as of 31 December 2016. 35