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IMF chief warns recovery 'in peril' if cooperation fails
 China raises US debt holdings amid global surgeWashington (AFP) Oct 18, 2010 - China raised its US debt holdings in August as global appetite surged for long-term Treasury bonds seen as a safe haven amid economic uncertainty, official data showed Monday. China, excluding Hong Kong, remained by far the biggest holder of Treasury bonds and notes: 868.4 billion dollars' worth, reflecting an increase of 21.7 billion dollars from July, the Treasury Department reported. Overall, net foreign purchases of US securities rose to 128.7 billion dollars in August, taking into account US residents' purchase of 7.9 billion dollars' worth. The adjusted total was estimated at 111.8 billion dollars, two and a half times more than the July level, according to the monthly Treasury International Capital (TIC) data. Purchases by foreign private and public investors surged to 136.6 billion dollars. "In August, foreign investors were hungry, very hungry, for US Treasury bonds and notes. As a result, net private and public purchases of US Treasuries reached their third highest level on record, at 136.6 billion dollars," said Gregory Daco, US senior economist at IHS Global Insight. "As we have seen over the last months, in times of great uncertainty over the global recovery investors continue to view US securities as a safe-haven refuge," he added. Japan continued to be the second-largest holder of US debt, increasing its investment by 15.6 billion dollars, to 836.6 billion dollars. Britain, in third place, pumped in a hefty 74.1 billion dollars, raising its US debt holdings to 448.4 billion dollars. |
Shanghai (AFP) Oct 18, 2010 The head of the IMF on Monday warned central bankers that the global recovery would be "in peril" if the world's major economies do not keep working together, amid mounting fears of a currency war. International Monetary Fund Managing Director Dominique Strauss-Kahn made the comments at the end of a meeting in Shanghai that brought together high-level officials from Asia, Africa, Europe, and North and South America.
The Shanghai conference follows IMF and World Bank annual meetings earlier this month, where finance officials discussed how to strengthen the recovery from the worst recession since World War II and the global financial system.
It also comes ahead of this week's key Group of 20 meeting in South Korea, where currency reform is expected to dominate talks, amid fears that nations could adopt trade barriers in the face of competition from Asian exports.
"The spirit of cooperation must be maintained. Without that, the recovery is in peril," Strauss-Kahn said, according to a copy of his closing remarks released by the Washington-based IMF.
More at:
http://www.terradaily.com/reports/IMF_chief_warns_recovery_in_peril_if_cooperation_fails_999.html
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