Press Association

Sunday 12th February 2012

Press Association

Press Association

 
China has urged Washington to shore up dollar

China urges US to shore up dollar

China's premier has expressed concern about the US dollar and called on Washington to take "concrete steps" to reassure Beijing about the safety of its huge Treasury bond holdings.

"Any fluctuation in the value of the US currency is a big concern for us," Premier Wen Jiabao said at a news conference.

"We cannot afford any mistake, how slight it is, when running our financial assets," he said.

"I would like the United States to take concrete steps to reassure investors."

China pressed Washington to control its yawning budget deficit and prevent inflation that would erode the value of the dollar and China's holdings.

The premier said Treasury values were a matter of the "national credibility" of the United States.

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