China blasts US debt problems, urges new global reserve currency | world | Hindustan Times
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China blasts US debt problems, urges new global reserve currency

world Updated: Aug 06, 2011 11:52 IST
Reuters
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China on Saturday condemned the "short-sighted" political wrangling in the United States over its debt problems and said the world needed a new global stable reserve currency.

"China, the largest creditor of the world's sole superpower, has every right now to demand the United States address its structural debt problems and ensure the safety of China's dollar assets," China's official news agency said in a commentary.

"International supervision over the issue of US dollars should be introduced and a new, stable and secured global reserve currency may also be an option to avert a catastrophe caused by any single country," it said.

The United States lost its top-tier AAA credit rating from Standard & Poor's on Friday.

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