China’s Xinhua News: Says US a hypocritical nation with a dysfunctional government

Author: Eamonn Sheridan | Category: News

Harsh editorial from China’s official news agency, Xinhua News:

  • called for the creation of a “de-Americanised world”, saying the destinies of people should not be left in the hands of a hypocritical nation with a dysfunctional government
  • asks why the self-declared protector of the world is sowing mayhem in the financial markets by failing to resolve political differences over key economic policy

“… the cyclical stagnation in Washington for a viable bipartisan solution over a federal budget and an approval for raising debt ceiling has again left many nations’ tremendous dollar assets in jeopardy and the international community highly agonized,”

  • China is the biggest foreign owner of U.S. Treasuries at $1.28 trillion as of July
  • China also holds close to $3.5 trillion of dollar-denominated assets
  • Says developing and emerging market economies need to have more say in major international financial institutions; eg. World Bank, IMF
  • Called for the removal of the US dollar as international reserve currency

Debt Ceiling: China Calls for World to Be ‘De-Americanised’

Not a nice way of wishing anyone a Happy Columbus Day.

ADDED – Here’s the actual editorial from Xinhua: Commentary: U.S. fiscal failure warrants a de-Americanized world

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