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Upset over US fiscal crisis, China urges a ‘de-Americanized world’ and calls for dollar to be replaced as global reserve currency

The looming prospect of a US default on debt prompted China to call for the world to “de-Americanise”, amid warnings of a new global recession.

In China, Xinhua, the official government news agency, said that as American politicians continued to flounder over a deal to break the impasse, “it is perhaps a good time for the befuddled world to start considering building a de-Americanised world”.

The jab came as Christine Lagarde, the International Monetary Fund chief, raised the spectre of a repeat of the 2008 financial crash as hopes dwindled for a resolution of the crisis over the debt ceiling and partial government shutdown.
Harry Reid, the leader of the Democrat-controlled Senate and Mitch McConnell, who heads the Republican minority, met on Sunday for “preliminary” talks following the acrimonious collapse of negotiations between the White House and Republicans in the lower chamber.

Jack Lew, the Treasury secretary, has said that the US will run out of money to pay its bills on Thursday if Congress does not authorize an increase in federal borrowing limits.

Read More at the Telegraph


 

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