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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.
But Treasury Department data shows that investors in China have sharply curtailed their purchases of bonds in January and February.
Representative Mark Kirk, a member of the House Appropriations Committee and co-chair of a group of lawmakers promoting relations with Beijing, said China had "very legitimate" concerns about its investments.
"It would appear, quietly and with deference and politeness, that China has canceled America's credit card," Kirk told the Committee of 100, a Chinese-American group.
"I'm not sure too many people on Capitol Hill realize that this is now happening," he said.
Originally posted by daddyroo45
This is a major step toward the devaluation of the U.S. dollar. This will eventually slow our imports down to a trickle. Not going to be good,that's for sure.
Originally posted by Zosynspiracy
The Chinese are not nearly as smart and intelligent as they appear. They should have done this years ago...
Originally posted by justsomeboreddude
reply to post by silent thunder
Who in their right mind would keep buying our debt or hold US dollars with the way our government spends and prints new money. This is a no brainer and we have no one to blame but ourselves and our government.