China invoked the US’s brinkmanship over its own debt limit as it hit back at Treasury Secretary Janet Yellen’s criticism of Beijing’s handling of debt issues in developing countries.
The criticism came from the Chinese embassy in Lusaka, Zambia on Monday, which blasted the US over its “catastrophic debt problem” and accused it of “sabotaging” other nations’ efforts to resolve debt problems.
The Treasury’s measures give it space for some months before it runs out of cash. Economists and bond-market analysts anticipate the ceiling will have to be raised sometime in the third quarter to avert a US payments default, which would be economically damaging for the world’s biggest economy and the global financial system.
China has become the world’s biggest creditor to developing countries, some of which are facing a mounting debt crisis. The Group of 20 nations has set up a so-called Common Framework that brings the Paris Club of traditional rich debtor countries together with China to try to restructure the debts of low-income countries on a case-by-case basis.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Government eyes to borrow P200B via debt mart | Jasper Y. ArcalasTHE national government seeks to borrow P200 billion next month from the domestic market through the auction of Treasury bills (T-bills) and Treasury bonds (T-bonds), the Bureau of the Treasury (BTr) said. In a statement, the Treasury said it will hold four auctions of T-bills in February amounting to P15…
Read more »
Yields on Treasury bills drop across the boardThe yields on Treasury bills declined across the board in Monday’s auction, enabling the government to raise P15 billion as planned for the second week in a row. This developed as analysts raised
Read more »
Gov’t fully awards Treasury bills as rates decline - BusinessWorld OnlineTHE GOVERNMENT fully awarded the Treasury bills (T-bills) it auctioned off on Monday as rates inched down across the board amid strong demand from the market. The Bureau of the Treasury (BTr) raised P15 billion as planned from the T-bills it auctioned off on Monday as bids reached P62.013 billion, more than four times the […]
Read more »
Cynthia Villar: Next Agriculture secretary must have ‘heart for small farmers’MANILA, Philippines — The secretary of the Department of Agriculture (DA) must have a heart for small farmers, Senator Cynthia Villar said on Tuesday. Until now, President Ferdinand
Read more »
Russian warship armed with hypersonic missiles to join drills with China, South AfricaA Russian warship armed with new-generation hypersonic cruise weapons will participate in joint exercises with the navies of China and South Africa in February, the Russian state agency, TASS, said on Monday.
Read more »
House panel to call in importers after 2 alleged smugglers flee to China - BusinessWorld OnlineTWO PERSONALITIES involved in the importation business and suspected to be complicit in smuggling operations have fled to China, according to a lawmaker, as a House panel approved on Monday a proposal to call in 10 others who may have knowledge on the illegal operations. “I was informed that two of the (personalities) have already […]
Read more »