James48843
03-13-2009, 06:06 PM
China 'worried' about US Treasury holdings
By JOE McDONALD, AP Business Writer Joe Mcdonald, Ap Business Writer
BEIJING – China's premier didn't say it in so many words, but the implied warning to Washington was blunt: Don't devalue the dollar through reckless spending. Premier Wen Jiabao's message is unlikely to be misunderstood at the White House. It is counting on Beijing to help pay for its stimulus package by buying U.S. bonds. China already is Washington's biggest foreign creditor, with an estimated $1 trillion in U.S. government debt. A weaker dollar would erode the value of those assets.
"Of course we are concerned about the safety of our assets. To be honest, I'm a little bit worried," Wen said at a news conference Friday after the closing of China's annual legislative session. "I would like to call on the United States to honor its words, stay a credible nation and ensure the safety of Chinese assets."
(more- http://news.yahoo.com/s/ap/20090313/ap_on_re_as/as_china_us_economy_15 )
(P.S.- If I were him, I'd be worried, but I would be MORE worried if I were the Secretary of the Treasury, because if (and when)China stops buying our debt, we're all in a world of hurt...)
By JOE McDONALD, AP Business Writer Joe Mcdonald, Ap Business Writer
BEIJING – China's premier didn't say it in so many words, but the implied warning to Washington was blunt: Don't devalue the dollar through reckless spending. Premier Wen Jiabao's message is unlikely to be misunderstood at the White House. It is counting on Beijing to help pay for its stimulus package by buying U.S. bonds. China already is Washington's biggest foreign creditor, with an estimated $1 trillion in U.S. government debt. A weaker dollar would erode the value of those assets.
"Of course we are concerned about the safety of our assets. To be honest, I'm a little bit worried," Wen said at a news conference Friday after the closing of China's annual legislative session. "I would like to call on the United States to honor its words, stay a credible nation and ensure the safety of Chinese assets."
(more- http://news.yahoo.com/s/ap/20090313/ap_on_re_as/as_china_us_economy_15 )
(P.S.- If I were him, I'd be worried, but I would be MORE worried if I were the Secretary of the Treasury, because if (and when)China stops buying our debt, we're all in a world of hurt...)