{"id":9627,"date":"2011-07-13T18:07:15","date_gmt":"2011-07-13T18:07:15","guid":{"rendered":""},"modified":"2011-07-13T18:07:15","modified_gmt":"2011-07-13T18:07:15","slug":"China-urges-US-to-protect-investors","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=9627","title":{"rendered":"China urges US to protect investors"},"content":{"rendered":"

China urged Washington to protect the interests of investors<\/strong>, after ratings agency Moody’s placed the United States’ triple-A debt rating on a downgrade watch.<\/p>\n

China is by far the top holder of US debt<\/strong>, with holdings at US$1.153 trillion in April according to US data, and has raised concerns about its investment in the past.<\/p>\n

His comments came after Moody’s Investor Service warned Wednesday it could downgrade the United States’ triple-A rating because of rising prospects the US debt limit will not be raised in time to avoid default.<\/p>\n

Republicans are refusing to lift the country’s US$14.29 trillion debt ceiling<\/strong> without deep government spending cuts, while they reject Democrats’ demand that tax increases must be part of any sweeping deficit reduction plan.<\/p>\n

A downgrade could sharply raise US borrowing costs, worsening the country’s already dire fiscal position, and send shock waves through the financial world, which has long considered US debt a benchmark among safe-haven investments.<\/p>\n

China has in the past raised worries that the massive US stimulus effort launched to revive the economy after the global downturn<\/strong> would lead to mushrooming debt that erodes the value of the dollar and its Treasury holdings.<\/p>\n

Beijing had been cutting its holdings of US Treasuries for five months in a row until March. The figure only increased slightly in April from US$1.145 trillion in the previous month, US data showed.<\/p>\n

The dollar was also lower after Federal Reserve chairman Ben Bernanke told legislators Wednesday that the central bank was “prepared to respond<\/strong>” if stimulus was needed to kickstart the ailing US economy.<\/p>\n

Source AFP<\/em>
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