07 Aug '11, 2am

China blasts US over debt problems, calls for dollar oversight

China roundly condemned the United States for its "debt addiction" and "short-sighted" political wrangling and said the world needed a new stable global reserve currency. In a harsh commentary by the official Xinhua news agency yesterday, China urged the US to cut military and social welfare expenditure. The "good old days" where the US government could "borrow its way out of messes of its own making are finally gone", and further credit downgrades would very likely undermine the world economic recovery and trigger fresh rounds of financial turmoil, Xinhua wrote. British Business Minister Vince Cable on BBC TV backed China's call for a new stable global reserve currency, but said that for the moment the US dollar remained key. Asian investors are likely to retain their US Treasuries holdings for now, with options limited by the region's foreign-exchange rate policies. "At ...

Full article: http://www.todayonline.com/World/EDC110807-0000141/China-...

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