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China, wary of the troubled US economy, has already "canceled America's credit card" by cutting down purchases of debt, a US congressman said Thursday. China has the world's largest foreign reserves, believed to be mostly in dollars, along with around 800 billion dollars in US Treasury bonds, more than any other country.
"It would not be in China's interest if we were unable to get our economy moving again," Clinton said in an interview with a Chinese television journalist, according to reports.
Concerns have run especially high in the last week that China, the single largest holder of Treasurys, will keep buying, even though some of the biggest Treasury dealers say there have been no signs of a decline.
Originally posted by tamusan
I really believe it is going to unravel no matter what we do. How many of those products, such as the iPod are made in the U.S.? On the back, my iPod says "Designed by Apple in California Assembled in China." I may be wrong, but I bet the components are also manufactued in China. So, who's losing thier jobs? Mostly some underpaid Chinese factory workers would be losing jobs.