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US must act to support dollar: Economist

Leading economists have urged the United States to use concrete measures instead of empty words to ward off possible losses in China's holdings of US treasury bonds, which have already surpassed $800 billion.

The call comes amid widespread concern that US countermeasures to battle the financial crisis are creating another credit bubble and failing to regulate financial markets.

"So far the US government and the Federal Reserve have failed to provide China with any details of how its countermeasures against the financial crisis will not lead to serious capital losses to China's holding of its treasury bonds and foreign reserves," Yu Yongding, a renowned think tank economist with Chinese Academy of Social Sciences, told China Daily.

Yu's concern is shared by China's leadership, and Premier Wen Jiabao has repeatedly expressed his concerns on the issue.

Yu also highlighted the urgency in the keynote paper at a weekend forum organized by the Washington-based Brookings Institution and the Chinese Economists 50 Forum, a Beijing think tank.

Economists from the two organizations touched on countermeasures against the financial crisis, trade protectionism and climate change, which, including Yu's concern, are topics sure to be high on the agenda when US President Barack Obama and Chinese President Hu Jintao meet at the upcoming United Nations (UN) climate change summit in New York and the Group of 20 leaders summit in Pittsburgh in September.

Yu said the US has tried to reassure China that its huge $2.1-trillion foreign exchange is safe and that the US dollar will remain strong.

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 Source : China Daily  Editor: Ivy
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