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China says U.S. fails to defuse ‘debt bomb’


China warned Wednesday that tortured efforts to raise the US limit on borrowing had failed to defuse Washington's "debt bomb", and signalled it would further diversify its holdings away from the dollar.

After months of bitter negotiations with his Republican rivals, US President Barack Obama finally signed an emergency bill on Tuesday that averted what would have been a disastrous debt default for the world's biggest economy.

But in a blistering commentary, China's official Xinhua news agency ridiculed the US political process and warned that the deal had done nothing to change the country's addiction to borrowing.

"The months-long tug of war between Democrats and Republicans... failed to defuse Washington's debt bomb for good, only delaying an immediate detonation by making the fuse an inch longer," the commentary said.

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