Posted on 05/20/2010 5:19:11 AM PDT by Red in Blue PA
Sovereign debt troubles in Europe underscore how important it is for the United States to control its own borrowing as its indebtedness reaches concerning levels, a senior Chinese official said on Thursday.
With China facing criticism for holding its currency in a de facto dollar peg, assistant finance minister Zhu Guangyao shifted attention to Beijing's own worries about U.S. policies, especially its soaring deficit, ahead of high-level bilateral meetings next week.
There will be "quiet discussions" about the yuan at the Strategic and Economic Dialogue, but external pressure will only delay the exchange rate reform that China wants to implement, he told a news conference.
The global economy's more urgent need is for financial conditions to stabilize in Europe in the wake of Greece's debt woes, Zhu said.
"The European sovereign debt crisis is a challenge not just for the countries that are party to it, such as Greece. In fact, it is a challenge to the stability of the entire international financial market," he said.
"It concerns the recovery of the entire international economy, and so it demands a common response from the international community," he said.
China will look to coordinate its economic policies with the United States as a buffer against the turbulence and would also like the G20 group of nations to play a role in strengthening the global response, Zhu said.
But the United States needs to take a hard look at its own fiscal situation in the light of what has happened in Europe, he said.
(Excerpt) Read more at cnbc.com ...
Since the Obamugabe Regime won’t listen to us, maybe they will listen to their boss................
So even the Chinese think America is spending too much. If Obama were in business, he would be listening to his customers.
US to China: “We have a g*ddamned Communist in the White House, we're headed towards a Worker's Paradise as fast as we can, now STFU Comrades!”
The sad thing is; they're going capitalist as fast as we're
going commie.
If you won’t listen to US DC, would you at least listen to your @$%@#$% bankers?
Wouldn’t it be great if some of the lenders would stop and say “No more!” It seems like it’s too much to expect that our politicians will begin practicing fiscal responsibility on their own. Like a shopaholic who has maxxed out all their credit cards and can’t even afford the minimum payment on all of them, the last thing they need is another credit card with a high limit.
This is either good or very bad. Knowing who the players are, I suspect the latter.
It sounds like a boss instructing an underling. Maybe that is what is is.
Look, Barack and Posner are apoligizing as fast as they can already!
so Mexico wasn’t the only foreign power delivering a stern lecture to Barry yesterday
At some point China is going to run out of patience and publically tell obama how to run the country. Think of that.
I thnik they are really worried now because they were using the debt they hold as a lever over us. But now with the Euro tanking, they can’t dump our debt and put money in the falling Euro.
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