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China Urges US to Control Deficit to Stabilize Dollar
Reuters
Monday, Nov 9th, 2009
China hopes that the United States will keep its
deficit to an appropriate size to ensure basic stability in
the U.S. dollar exchange rate, Chinese Premier Wen Jiabao said
on Sunday.
"We have seen some signs of recovery in the
U.S. economy ... I hope that as the largest economy in the world
and an issuing country of a major reserve currency, the United
States will effectively discharge its responsibilities,"
Wen told a news conference in Egypt.
"Most importantly, we hope the United States will keep
an appropriate size to its deficit so that there will be basic
stability in the exchange rate, and that is conducive to stability
and the recovery of the global economy," he added.
The premier had expressed concern in March that massive U.S.
deficit spending and near-zero interest rates would erode the
value of China's huge U.S. bond holdings.
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INFOWARS:
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