From the Readers
Reduce US Treasury holdings
(China Daily)
Updated: 2010-07-26 08:27
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Comment on "China should cut US Treasury holdings: Economist" (China Daily, July 20)
The US we saw in the later half of the last century and the initial years of this century was the product of a combination of extremely good circumstances after World War II. It was the only industrialized country whose infrastructure suffered no damage, it had a monopoly over nuclear weapons and it was the biggest creditor in the world. But all these advantages have vanished today and it is difficult for the US to recover.
I believe the author, Yu Yongding, is right in saying China and other powers (such as Arab countries) should not buy US Treasuries, which they describe as strategic assets.
The biggest threat to China is that the US may start devaluating the dollar in order to gracefully default on its debt and increase its product competitiveness. We must realize that exceptionally good circumstances should be optimized in order to offset bad times.
Norberto, on China Daily Website
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(China Daily 07/26/2010 page9)