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China has foreign currency reserves of more than $3.2 trillion, about 70 percent of which is believed to be in US dollar assets, especially in Treasury bills and bonds.
Given the continuous increase in US government debts and downgrading of its credit rating by Standard & Poor's, the most obvious step for China would be to stop accumulating US Treasuries or start reducing its dollar assets.
http://www.chinadaily.com.cn/opinion/2011-08/30/content_13216255.htm
As one of the largest foreign creditors to the US, India's exposure to the United States' ballooning debts is higher than the money America owes to countries like France and Australia.
The overall national debt of the US is moving nearer to USD 15 trillion, out of which it owes over USD 4.5 trillion to foreign countries holding US government debt securities.
The unprecedented debt downgrade of the US from the top-notch 'AAA' level by Standard and Poor's might also lead to an immediate action by Reserve Bank of India, which allows holding of government debt securities of countries with a 'Triple-A' rating.
http://indiatoday.intoday.in/story/india-faces-rs-1.83-lakh-crore-exposure-to-us-debt/1/147361.html?cp
But we cannot allow any tax loopholes for millionaires and billionaires to be closed, because these 'job creators' are doing such a swell job of boosting our economy, and we don't dare piss them off.
Given the continuous increase in US government debts and downgrading of its credit rating by Standard & Poor's, the most obvious step for China would be to stop accumulating US Treasuries or start reducing its dollar assets.
http://www.chinadaily.com.cn/opinion/2011-08/30/content_13216255.htm
As one of the largest foreign creditors to the US, India's exposure to the United States' ballooning debts is higher than the money America owes to countries like France and Australia.
The overall national debt of the US is moving nearer to USD 15 trillion, out of which it owes over USD 4.5 trillion to foreign countries holding US government debt securities.
The unprecedented debt downgrade of the US from the top-notch 'AAA' level by Standard and Poor's might also lead to an immediate action by Reserve Bank of India, which allows holding of government debt securities of countries with a 'Triple-A' rating.
http://indiatoday.intoday.in/story/india-faces-rs-1.83-lakh-crore-exposure-to-us-debt/1/147361.html?cp
But we cannot allow any tax loopholes for millionaires and billionaires to be closed, because these 'job creators' are doing such a swell job of boosting our economy, and we don't dare piss them off.
