China’s official news agency has called for “international supervision over the issue of US dollars” and for the US to “live within its means” in the wake of Standard & Poor’s decision to downgrade America’s credit rating.
The remarks underscore the frustration of China, the world’s second-largest economy and biggest holder of US debt, at having the fate of its foreign exchange reserves so intertwined with US fiscal health.
“The days when the debt-ridden Uncle Sam could leisurely squander unlimited overseas borrowing appeared to be numbered,” said a Xinhua commentary. “To cure its addiction to debts, the United States has to re-establish the common sense principle that one should live within one’s means.”
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