Hope and Change Turns to Hope In Debt:CHINA WARNS USA ON SOARING DEFICITS
……………………………. The Chinese, who have the largest foreign holdings of U.S. Treasury debt at $801.5 billion, have been expressing worries that soaring deficits could spark inflation or a sudden drop in the value of the dollar, thus jeopardizing their investments. Chinese officials said those concerns were raised during Monday’s talks.
“We sincerely hope the U.S. fiscal deficit will be reduced, year after year,” Assistant Finance Minister Zhu Guangyao told reporters after the Monday talks had ended…….
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