China’s debt burden has shot up in recent years, resulting in the country’s interest payments on borrowing surpassing even the high levels of the US economy. Besides the Fortune report, the Financial Times, citing new Conference Board estimates, said that debt-servicing payments in China will account for 19.2 per cent of the central government’s general.
Washington: A bipartisan group of US senators has reintroduced a resolution supporting the US dollar’s role as the world’s primary reserve currency, arguing that China is intensifying efforts to build a rival global financial system centred around the yuan. The resolution was introduced by Ted Budd and Jeanne Shaheen. The lawmakers said Beijing’s financial strategy.
