About 70% of all household and business debt is denominated in foreign currencies, mainly Swiss francs, making the country hostage to a currency over which it has limited control.

大约所有住户和商业的债务的70%是以外币计价的(主要是瑞士法郎)，这就使国家受困于其有限控制的货币。

youdao

The downgrade is for yuan-denominated debt, not foreign currency debt.

BBC: Fitch cuts China local currency debt rating

Two kinds of capital stand out: short-term debt, and debt denominated in foreign currency.

ECONOMIST: Shipbuilding

But most of the investors choosing emerging market debt are buying bond funds with local currency debt, rather than buying the sovereign or quasi-sovereign dollar denominated bonds that foreign countries like Brazil also issue.

FORBES: For International Investors, Non-Dollar Bonds More Popular...Again