China Urges U.S. to Prevent Default

BEIJING (AP) -- The U.S.'s biggest foreign creditor, China, said Monday it was concerned about the deadlock in Washington and urged all efforts to be made to avoid a default on the U.S. debt.

Vice Finance Minister Zhu Guangyao called for "concrete measures" to raise the debt ceiling before the Oct. 17 deadline and to protect the safety of Chinese investments.

"The U.S. is the world's biggest economy and a major country issuing reserve currency. Safeguarding the debt is of vital importance to the economy of the U.S. and the world," Zhu was quoted as saying by the official Xinhua News Agency. "This is the United States' responsibility."

China hopes the U.S. will address its economic problems, solve the debt ceiling dispute and "keep the recovery process in the U.S. and the world going," Zhu said.

China holds $1.277 trillion in U.S. Treasury bonds, the most of any nation.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2672562, ~/Articles/ArticleHandler.aspx, 12/17/2014 6:21:07 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement