Things are more complicated now. Poor nations have borrowed from new lenders. China and Saudi Arabia have lent a lot of money to developing-world governments. And as yields on rich-country debt have plummeted, poor governments have been able to sell foreign-currency bonds.
The first is between Chinese lenders and everyone else. The second is between Wall Street and Washington, where official-sector lenders like theand the American government are based. For the 50 most-indebted recipients of Chinese lending, the average stock of debt owed to China reached 15% ofin 2017 from less than 1% in 2005, according to data from a group of experts including Carmen Reinhart, a Harvard academic now at the World Bank.
Everyone is seeking clues about the extent to which Chinese lenders will join co-ordinated debt negotiations. So far, they seem eager to look like they are engaging with other creditors. But they are changing their ways gradually, following the Chinese proverb and “crossing the river by feeling the stones”. Policy banks have deferred payments on loans to the Zambian and Ecuadorean governments, but details are patchy.
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