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Author Topic: China won't pick up the tab for US financial woes  (Read 1879 times)
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WhiskeyGirl
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« on: June 01, 2009, 10:03:05 PM »

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As a special envoy of Obama, on May 31, 2009 US Treasury Secretary Timothy Geithner began his first official visit to China since the President took office. How are China and the US going to conduct the new round of "strategic and economic dialogue"? And what are the new trends in Obama's China policies? These questions are hotly-debated issues.

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According to Zhou, even if Geithner does not raise the RMB exchange rate issue, China will take the opportunity of his visit to address the problem of RMB appreciation. "China will resist any unreasonable US requirements, and set certain parameters so that the U.S. is no longer able to criticize China over the RMB exchange rate," said Zhou.

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When talking about "responsibilities", Zhou Shijian says that China should clearly warn the U.S. that it must shoulder its international responsibilities as a major financial power. "The U.S. continually urges China to be a responsible country. But the Chinese government has to be responsible not only for the U.S., but for its own 1.3 billion people," remarks Zhou. While China has purchased large amounts of US treasury bonds, the US budget deficit has continued to rise: it soared to 455 billion US dollars in 2008 and is expected to hit an all time high of 1.8 trillion dollars in 2009, accounting for 13 percent of US GDP. China is justified in questioning the security of its holdings of US treasury bonds and what measures the US is going to take to guarantee the security of China's investment in the US.

http://www.china.org.cn/international/2009-06/01/content_17869015.htm

The U.S. is bankrupt... 
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WhiskeyGirl
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« Reply #1 on: June 01, 2009, 10:06:49 PM »

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-- On the first day of Geithner's visit to China, a Chinese newspaper reported that seventeen out of 23 economists said they deemed the country's vast holdings of U.S. bonds "risky".

http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSPEK7076720090601
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nonesuche
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« Reply #2 on: June 02, 2009, 07:38:55 AM »

the other shoe is about to drop........
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