‘China cancels America’s credit card’

‘China cancels America’s credit card’:

"‘China cancels America’s credit card’
Press TV
Friday, May 1, 2009

China, wary of the troubled US economy, has ‘canceled America’s credit card’ by cutting down purchases of debt, a US congressman says.

China has the world’s largest foreign reserves, believed to be mostly in dollars, along with around 800 billion dollars in US Treasury bonds, more than any other country.

But data from the Treasury Department shows that investors in China have sharply curtailed their purchases of bonds in January and February.

Representative Mark Kirk, a member of the House Appropriations Committee and co-chair of a group of lawmakers promoting relations with Beijing, said China had ‘very legitimate’ concerns about its investments."