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Your money is safe with us, Biden tells Chinese

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Your money is safe with us, Biden tells Chinese


Vice-President Joe Biden is in China for talks aimed at easing Beijing’s worries about the state of the US economy.

Biden is on a nine-day tour of Asia but his message for the Chinese is that the United States remains a safe place to invest.

He met with Vice President Xi Jinping, who is tipped to be the country’s next leader.

China is the US government’s biggest foreign creditor. It holds one trillion dollars, or 690 billion euros, of US debt. China also has estimated foreign currency reserves of three trillion dollars.

That is why Beijing wants Washington to slash its budget deficit and ensure the safety of its assets held in greenbacks.

Standard & Poor’s stripped the US of its prized AAA credit rating earlier this month, prompting criticism from the Chinese state news agency Xinhua.

“The days when the debt-ridden Uncle Sam could leisurely squander unlimited overseas borrowing appear to be numbered,” an opinion piece published on its wire service said.

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