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06-01-2009, 10:46 PM
As many of you know, Treasury Secretary Geithner is in China this week trying to "reassure" the Chinese and their Government Officials that their U.S. Assets/Investments are safe. Well, it appears that some of their people no longer are buying the "Obama Bull!" Here is a write-up from one of the news wires covering his China visit:
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GEITHNER TELLS CHINA THAT THEIR U.S. ASSETS ARE SAFE
Mr. Geithner, in China on his first visit as U.S. Treasury Secretary, reiterated that US would cut its huge fiscal deficits. Timothy Geithner moved today to reassure the Chinese Government that its huge holdings of dollar assets were safe as he reaffirmed his faith in a strong US currency.
Mr Geithner, sought to allay concerns that Washington?s growing budget deficit would fan inflation which, in turn, would undermine the dollar and US bonds.
?Chinese assets are very safe,? Mr Geithner said, answering a question after his opening address at Peking University this morning.
HIS SPEECH AND STATEMENT WAS GREETED WITH LAUGHTER BY THE STUDENTS THERE, who question the wisdom of China spending huge amounts of money on US bonds instead of improving domestic living standards.
China is the biggest foreign owner of US Treasury bonds, holding $768 billion
Mr Geithner reiterated that the Obama Administration would cut its huge fiscal deficits and stood behind the strong dollar.
?We have the deepest and most liquid markets for risk-free assets in the world," he said. "We?re committed to bringing our fiscal deficits down over time to a sustainable level.
?We believe in a strong dollar ? and we?re going to make sure that we repair and reform the financial system so that we sustain confidence.?
Mr. Geithner urged China to reduce barriers to American companies seeking access to its markets after benefiting for years from open trade and investment.
?Chinese growth and expanding Chinese demand is a tremendous opportunity for US firms and workers, just as it is in China and the rest of the world.
China has benefited hugely from open trade and investment, and the ability to greatly increase its exports to the rest of the world," he said.
__________________________________________________ ____
John_P
More... (http://www.dieseltruckresource.com/dev/showthread.php?t=244235&goto=newpost)
__________________________________________________ ___________
GEITHNER TELLS CHINA THAT THEIR U.S. ASSETS ARE SAFE
Mr. Geithner, in China on his first visit as U.S. Treasury Secretary, reiterated that US would cut its huge fiscal deficits. Timothy Geithner moved today to reassure the Chinese Government that its huge holdings of dollar assets were safe as he reaffirmed his faith in a strong US currency.
Mr Geithner, sought to allay concerns that Washington?s growing budget deficit would fan inflation which, in turn, would undermine the dollar and US bonds.
?Chinese assets are very safe,? Mr Geithner said, answering a question after his opening address at Peking University this morning.
HIS SPEECH AND STATEMENT WAS GREETED WITH LAUGHTER BY THE STUDENTS THERE, who question the wisdom of China spending huge amounts of money on US bonds instead of improving domestic living standards.
China is the biggest foreign owner of US Treasury bonds, holding $768 billion
Mr Geithner reiterated that the Obama Administration would cut its huge fiscal deficits and stood behind the strong dollar.
?We have the deepest and most liquid markets for risk-free assets in the world," he said. "We?re committed to bringing our fiscal deficits down over time to a sustainable level.
?We believe in a strong dollar ? and we?re going to make sure that we repair and reform the financial system so that we sustain confidence.?
Mr. Geithner urged China to reduce barriers to American companies seeking access to its markets after benefiting for years from open trade and investment.
?Chinese growth and expanding Chinese demand is a tremendous opportunity for US firms and workers, just as it is in China and the rest of the world.
China has benefited hugely from open trade and investment, and the ability to greatly increase its exports to the rest of the world," he said.
__________________________________________________ ____
John_P
More... (http://www.dieseltruckresource.com/dev/showthread.php?t=244235&goto=newpost)