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US downgrade 'sounds alarm bell': China media

• news.yahoo.com

Standard & Poor's US debt downgrade was a wake-up call for the world, a commentary in a top Chinese state newspaper said, adding that Asian exporters faced special risks.

Citing economist Sun Lijian, the People's Daily on Sunday said Standard & Poor's Friday cut to the US' credit rating from the top notch triple-A to AA+ had "sounded the alarm bell for the dollar-denominated global monetary system".

The comments carried in the Communist Party mouthpiece follow a stinging attack launched by the official Xinhua news agency on Saturday, which said Beijing had "every right" to demand Washington safeguard Chinese dollar assets.

 

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