The size of China's external debt is expected to stay stable after reporting a recovery in the first quarter of the year, the country's top foreign exchange regulator said on Friday.

The country's total outstanding external debt, denominated in both domestic and foreign currencies, reached $2.4909 trillion as of the end of the first quarter, up $38.1 billion, or 2 percent, compared with the end of 2022, the State Administration of Foreign Exchange said on Friday.

Wang Chunying, deputy head and spokeswoman of SAFE, said the country's external debt will continue to stay stable as major developed economies slow down the pace of monetary tightening while China's overall economic performance improves.

Wang attributed the rise in external debt in the first quarter to the recovering demand for financing as production activity normalized and the growth of banks' currency and deposit balances.

SAFE will continue to facilitate cross-border trade, financing and investment, Wang added.