Standard & Poor's US debt downgrade was a wake-up call for the world, a commentary in a top Chinese state newspaper said, adding that Asian exporters faced special risks.
Citing economist Sun Lijian, the People's Daily on Sunday said Standard & Poor's Friday cut to the US' credit rating from the top notch triple-A to AA+ had "sounded the alarm bell for the dollar-denominated global monetary system".
ece follow a stinging attack launched by the official Xinhua news agency on Saturday, which said Beijing had "every right" to demand Washington safeguard Chinese dollar assets.The comments carried in the Communist Party mouthpi
China -- which sat on the world's biggest foreign exchange reserves of around $3.20 trillion as of the end of June -- is the largest foreign holder of US Treasuries.
--------------------------------------------------------------------------------
If the US were on the other side of this, and we owned China debt, we would be saying the exact same thing. And if we did not, once again, there would be something wrong with our politicians!
