Arab Today, arab today china media us downgrade \sounds alarm bell\
Last Updated : GMT 06:33:06
Arab Today, arab today
Arab Today, arab today

China media :US downgrade \'sounds alarm bell\'

Arab Today, arab today

Arab Today, arab today China media :US downgrade \'sounds alarm bell\'

Beijing - AFP

Standard & Poor\'s US debt downgrade was a wake-up call for the world, a commentary in a top Chinese state newspaper said, adding that Asian exporters faced special risks. Citing economist Sun Lijian, the People\'s Daily on Sunday said Standard & Poor\'s Friday cut to the US\' credit rating from the top notch triple-A to AA+ had \"sounded the alarm bell for the dollar-denominated global monetary system\". The comments carried in the Communist Party mouthpiece follow a stinging attack launched by the official Xinhua news agency on Saturday, which said Beijing had \"every right\" to demand Washington safeguard Chinese dollar assets. China -- which sat on the world\'s biggest foreign exchange reserves of around $3.20 trillion as of the end of June -- is the largest foreign holder of US Treasuries. Sun, vice head of the School of Economics at Shanghai\'s Fudan University -- one of China\'s top universities -- warned that the biggest victim of the downgrade would not necessarily be the United States but countries that depended on external demand to build national wealth. \"No matter whether these are Asian countries that rely on exports of merchandise, or Latin American, Middle Eastern countries and nations such as Russia that depend on exports of natural resources,\" he was quoted as saying. \"All of these may face risks that the US debt they hold will fall in value, leading to a deterioration in liquidity.\" The Chinese government has yet to comment publicly on the downgrade. But in its Saturday commentary, Xinhua said Washington needed to \"come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone.\" \"To cure its addiction to debts, the United States has to re-establish the common sense principle that one should live within its means,\" it added. The downgrade came after the White House, Democratic and Republican lawmakers finally agreed to a deal to raise the nation\'s debt ceiling, after months of wrangling which sent jitters through the global economy. S&P argued that politicians in Washington were becoming less able to get to grips with the country\'s huge fiscal deficit and debt load. The ratings agency also gave a negative outlook for the US, saying there was a chance its rating could be cut again within two years if progress is not made to cut the government budget gap.  

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china media us downgrade \sounds alarm bell\ Arab Today, arab today china media us downgrade \sounds alarm bell\

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 17:31 2017 Friday ,10 February

Experts warn against negative effects of social media

GMT 10:48 2017 Friday ,10 February

News Corp swings to loss on write-downs

GMT 23:39 2017 Tuesday ,07 February

Editorial: Hopefully not a Franz Ferdinand moment

GMT 23:33 2017 Tuesday ,07 February

Editorial: Welcome back, Oman!

GMT 01:39 2017 Monday ,06 February

German magazine sparks furor
View News in Arabic - Media: صحافة
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday