China reaffirms commitment to U.S. debt purchases

China will continue to purchase U.S. Treasuries and support the dollar's role as a global currency, according to comments Monday by a senior Chinese official in Beijing.

U.S. government debt is viewed as "an important element of China's investment strategy of its foreign currency reserves," Hu Xiaolian, director of the State Administration of Foreign Exchange and vice governor of the People's Bank of China, was cited as saying Monday by Bloomberg News.

The comments were seen as timed to help support the Obama Administration's efforts to revive the economy, coming just hours before U.S. Treasury Secretary Timothy Geithner is due to unveil details of a plan to get private investors to take some of the troubled financial assets off bank balance sheets.

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- Posted: 2009-03-23 08:03:03

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