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Newspaper Article
Don't Count on China to Bail Out the U.S
2013
Overview
As much of China's holding of U.S. Treasurys is financed by issuing higher-interest debt to domestic investors, China incurs losses estimated to be $66 billion annually, according to the Peterson Institute study, \"The Internal Cost of China's Currency Policy.\" The renminbi, China's currency, has been steadily rising against the dollar since 2005 -- by 33% from mid-2005 until 2013. Every upward movement in the Chinese currency creates a capital loss on Beijing's holdings in U.S. dollars. These are uncomfortable circumstances for China to be invested in Treasurys. Nor is Beijing's financial position as strong as is often suggested. Its ratio of tax revenue to total GDP is one of the lowest of any major country. The ratio of total government revenue to GDP in 2011 was an estimated 34% in the U.S., 52% in France and 23% in China. The Chinese state extracted a smaller share of the country's GDP than any other significant country.
Publisher
Dow Jones & Company Inc
Subject
