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China to buy more U.S. debt March 24, 2009 -- Updated 0737 GMT (1537 HKT)
BEIJING, China (CNN) -- China, holder of nearly $1 trillion in U.S. debt, will keep buying Treasuries, but will keep a close eye on their value just the same, a Chinese government official said.
"Investing in U.S. Treasury bonds is an important component of China's foreign currency reserve investments," said Hu Xiaolian, deputy governor of the People's Bank of China. "We are naturally relatively concerned with the safety and profitability of U.S. government bonds."
Hu's comments came at a briefing Monday ahead of the Group of 20 financial summit in Britain scheduled for early next month. The G-20 nations represent 85 percent of the world's gross domestic product.
China has an estimated $2 trillion in foreign reserves and is the United States' largest creditor, having bought more than $1 trillion of its debt.
Chinese Premier Wen Jiabao expressed similar concerns about the state of the U.S. economy and President Barack Obama's economic plan earlier this month.
"We have loaned a huge amount of money to the United States," Wen said at a news conference in Beijing on March 13. "Of course, we are concerned about the safety of our assets. To be honest, I'm a little bit worried. I would like for you [a western reporter] to call on the United States to honor its word and stay a credible nation and ensure the safety of Chinese assets."
Washington is spending trillions of dollars in an attempt to shore up the the U.S. economy, including a stimulus package, bailouts of top U.S. industries and the purchase of billions of dollars in bad bank assets.
Originally posted by redhead57
I have been very concerned about the huge amount of investments China has made here for a very long time, way before the current crisis.
If we break it down to the brass tacks, our nation could easily be wiped out by the Chinese army! They have the numbers and the capital to make significant moves against pretty much anyone they choose.
This also makes me think about SoS Clinton and her recent comment about how human rights violations cannot interfere with the economic partnership. Very scary.
No, they couldn't wipe us out, with an army, or economically.
These are myths.
If they tried to wipe us out economically, they would wipe out themselves
Who would they sell there junk to?
There would be a pretty massive hole, in there GDP.
And military wise, they would be to scared to.
Because they remember this.
They like to do a little show of force now and then, and give the finger.
But they know who are the super powers.
Originally posted by redhead57
What does this say about China and their attitude toward the US? For a nation to say on one hand they have no choice other than investing in our debt but hate us for devaluing our currency and by default theirs is pretty bold.
I wonder what their strategy will be to get the pay off on their investments???
(visit the link for the full news article)
The Banking system (The Central Banks Cartel) has engaged in economic terrorism to further their consolidation of economic control. Why is this so darn hard to understand?
I still wont buy Chinese products never have and never will