China passed Germany as the world’s top net capital exporter in 2015, said German think tank Ifo institute on Monday.

Last year, China reported net capital exports of $293 billion from an international perspective, beating Germany’s $280 billion in exports, according to Ifo.

Yuan notes in South Korean bank
Yuan notes in South Korean bank

Even though Germany’s net capital exports rose 8.3% of its annual economic output to hit a record high in 2015, it was the first China topped Germany since May 2010. In 2014, Germany’s net capital exports rose 7.3%.

According to the European Union, a level of 6% is sustainable in the long term, which means that Germany remains by far the greatest lender of new funds on both sides of the Atlantic to the debt-afflicted countries.

“This development was driven by goods exports, which accounted for a surplus of 262 billion euros, also marking a new record,” the Munich-based think tank said.

Ifo also predicted that with the continuation of a low oil prices and a weak euro, Germany’s current account surplus will continue to rise in 2016 and could very likely exceed 8% of its annual economic output.

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