China may own over $1.13 trillion of US debt
(Image by Flickr user tomasdev)
China celebrates its 90th year of Communist rule today; but in the background, the nation is playing deeply capitalist games with international debts. China owns a large portion of US debt, but a Reuters investigation shows that they may have more than the Treasury could previously report. By buying up US debt through internationally disparate financial intermediaries, Chinese entities hid exactly how much US debt they had acquired — estimates say it is above $1.13 trillion.
Steven Dunaway, adjunct senior fellow at the Council on Foreign Relations and formerly the deputy director of the Asia Pacific Department at the International Monetary Fund, and BBC correspondent Michael Bristow give some insights — use audio player above to listen to full story.
————————————————————–
“The Takeaway” is a national morning news program, delivering the news and analysis you need to catch up, start your day, and prepare for what’s ahead. The show is a co-production of WNYC and PRI, in editorial collaboration with the BBC, The New York Times Radio, and WGBH.
The World is an independent newsroom. We’re not funded by billionaires; instead, we rely on readers and listeners like you. As a listener, you’re a crucial part of our team and our global community. Your support is vital to running our nonprofit newsroom, and we can’t do this work without you. Will you support The World with a gift today? Donations made between now and Dec. 31 will be matched 1:1. Thanks for investing in our work!