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For example If japan borrows from china what currency will it borrow in ?Or if India borrows from Russia what currency will the debt take place in ?

closed as off-topic by Vicky, Victor, NL - Apologize to Monica, ChrisInEdmonton, littleadv Jan 29 '16 at 22:12

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Such debts are issued through bonds. The entity that issues the bond determines the currency in which it is valued and paid.

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