Chinese students laugh at Geithner's assurances of the dollar |
Chinese students laugh at Geithner's assurances of the dollar |
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#1
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![]() Senior Member ![]() ![]() ![]() ![]() ![]() ![]() ![]() Group: Official Member Posts: 6,349 Joined: Aug 2006 Member No: 455,274 ![]() |
QUOTE http://www.reuters.com/article/compa...14475620090601 BEIJING, June 1 (Reuters) - U.S. Treasury Secretary Timothy Geithner on Monday reassured the Chinese government that its huge holdings of dollar assets are safe and reaffirmed his faith in a strong U.S. currency. A major goal of Geithner's maiden visit to China as Treasury chief is to allay concerns that Washington's bulging budget deficit and ultra-loose monetary policy will fan inflation, undermining both the dollar and U.S. bonds. China is the biggest foreign owner of U.S. Treasury bonds. U.S. data shows that it held $768 billion in Treasuries as of March, but some analysts believe China's total U.S. dollar-denominated investments could be twice as high. "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 skepticism 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. I loled too ![]() |
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#2
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![]() Sarcastic Mr. Know-It-All ![]() ![]() ![]() ![]() ![]() ![]() Group: Staff Alumni Posts: 2,089 Joined: Dec 2003 Member No: 29 ![]() |
The government stopped being funny a long, long, long time ago.
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