China to press US on the dollar and the deficit as talks start in Washington
Jul 28 2009 The Telegraph
China is likely to press President Obama's administration on how it will rein in America's spiralling deficit as two days of talks between the countries start in Washin
“If the key issue in the past was the renminbi’s exchange rate, now it’s the US dollar,” said Wang Qing, an economist at Morgan Stanley. “What China cares about the most is the stability of the dollar and the stability of US policy.”
The US currency matters to China because it has invested billions and billions of dollars of its reserves in US government debt, which is denominated in dollars. The latest figures from May show that China owns $801.5bn of Treasuries, making it the second largest creditor to the US after Japan.
http://www.telegraph.co.uk/finance/financetopics/recession/china-economic-slowdown/5916557/China-to-press-US-on-the-dollar-and-the-deficit-as-talks-start-in-Washington.html
28
July
China to press US on the dollar and the deficit as talks start in Washington
Jul 28 2009 The Telegraph
China is likely to press President Obama's administration on how it will rein in America's spiralling deficit as two days of talks between the countries start in Washin
“If the key issue in the past was the renminbi’s exchange rate, now it’s the US dollar,” said Wang Qing, an economist at Morgan Stanley. “What China cares about the most is the stability of the dollar and the stability of US policy.”
The US currency matters to China because it has invested billions and billions of dollars of its reserves in US government debt, which is denominated in dollars. The latest figures from May show that China owns $801.5bn of Treasuries, making it the second largest creditor to the US after Japan.
http://www.telegraph.co.uk/finance/financetopics/recession/china-economic-slowdown/5916557/China-to-press-US-on-the-dollar-and-the-deficit-as-talks-start-in-Washington.html