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"Chinese assets are very safe," Geithner said in response to a question after a speech at Peking University, where he studied Chinese as a student in the 1980s.
His answer drew loud laughter from his student audience, reflecting scepticism in China about the wisdom of a developing country accumulating a vast stockpile of foreign reserves instead of spending the money to raise living standards at home.
Geithner insists Chinese dollar assets are safe
US Treasury Secretary Tim Geithner was laughed at by an audience of Chinese students after insisting that China's US assets are safe.
By Edmund Conway
Last Updated: 8:03PM BST 01 Jun 2009
In his first official visit to China since becoming Treasury Secretary, Mr Geithner told politicians and academics in Beijing that he still supports a strong US dollar, and insisted that the trillions of dollars of Chinese investments would not be unduly damaged by the economic crisis. Speaking at Peking University, Mr Geithner said: "Chinese assets are very safe."
The comment provoked loud laughter from the audience of students. There are growing fears over the size and sustainability of the US budget deficit, which is set to rise to almost 13pc of GDP this year as the world's biggest economy fights off recession. The US is reliant on China to buy many of the government bonds it is planning to issue but Beijing's policymakers have expressed concern about the strength of the dollar and the value of their investments.
However Chinese Vice Premier Wang Qishan said that the two countries were working closely together to fight the economic crisis.
we have a bunch of retards and liars running things.
Originally posted by IchiNiSan
we have a bunch of retards and liars running things.
liars for sure your rulers are, but not so sure if those running your once-great nation are retarded or actually the sheeple still accepting these BS are the retarded ones....
[edit on 1/6/09 by IchiNiSan]
Originally posted by dooper
The last time I saw a government run by retards of like stupidity was that of Hitler's group.
Originally posted by cpdaman
His answer drew loud laughter from his student audience, reflecting scepticism in China about the wisdom of a developing country accumulating a vast stockpile of foreign reserves instead of spending the money to raise living standards at home.
[edit on 1-6-2009 by cpdaman]