਀㰀倀㸀匀䠀䄀一䜀䠀䄀䤀㨀 䄀猀 琀栀攀 氀愀爀最攀猀琀 昀漀爀攀椀最渀 栀漀氀搀攀爀 漀昀 唀匀 搀漀氀氀愀爀 搀攀戀琀Ⰰ 䌀栀椀渀愀 栀愀猀 洀甀挀栀 琀漀 氀漀猀攀 椀渀 琀栀攀 攀瘀攀渀琀 漀昀 愀渀 䄀洀攀爀椀挀愀渀 搀攀昀愀甀氀琀⸀ 䈀甀琀 眀椀琀栀 琀栀攀 搀攀昀愀甀氀琀 搀攀愀搀氀椀渀攀 愀 眀攀攀欀 愀眀愀礀 愀渀搀 渀攀最漀琀椀愀琀椀漀渀猀 椀渀 圀愀猀栀椀渀最琀漀渀 猀攀攀洀椀渀最氀礀 愀琀 愀渀 椀洀瀀愀猀猀攀Ⰰ 琀栀攀 䈀攀椀樀椀渀最 最漀瘀攀爀渀洀攀渀琀 愀渀搀 琀栀攀 猀琀愀琀攀ⴀ爀甀渀 洀攀搀椀愀 ⴀ 眀栀椀挀栀 渀漀爀洀愀氀氀礀 搀漀 渀漀琀 瀀愀猀猀 甀瀀 愀 挀栀愀渀挀攀 琀漀 挀爀椀琀椀挀椀猀攀 唀匀 瀀漀氀椀挀礀 ⴀ 栀愀瘀攀 戀攀攀渀 氀愀爀最攀氀礀 猀椀氀攀渀琀⸀㰀⼀倀㸀

One likely reason, analysts said, is the extreme sensitivity among Chinese officials to the accusation that the government has too many dollar holdings, putting China in what critics call ''a dollar trap''.

਀㰀倀㸀吀栀攀礀 愀氀猀漀 挀椀琀攀搀 琀栀攀 爀椀猀欀 琀栀愀琀 愀渀礀 猀琀愀琀攀洀攀渀琀猀 昀爀漀洀 䈀攀椀樀椀渀最 愀琀 琀栀椀猀 瀀漀椀渀琀 挀漀甀氀搀 戀愀挀欀昀椀爀攀Ⰰ 最椀瘀攀渀 琀栀攀 甀渀挀攀爀琀愀椀渀 挀漀甀爀猀攀 漀昀 琀栀攀 搀攀戀琀 琀愀氀欀猀 椀渀 圀愀猀栀椀渀最琀漀渀 愀渀搀 琀栀攀 攀砀琀爀攀洀攀 猀甀猀瀀椀挀椀漀渀 愀洀漀渀最 洀愀渀礀 洀攀洀戀攀爀猀 漀昀 䌀漀渀最爀攀猀猀 愀戀漀甀琀 䌀栀椀渀攀猀攀 椀渀琀攀渀琀椀漀渀猀 愀渀搀 洀漀琀椀瘀攀猀⸀㰀⼀倀㸀

''There's no question that [Chinese officials] are very concerned about how this is handled and about the implications for the US economy and the value of the US dollar,'' Kenneth Lieberthal, a China expert with the Brookings Institution in Washington, said. Foreign Ministry spokesman Hong Lei made a brief statement at a July 14 news conference after a reporter asked for a comment on a warning by Moody's Investors Service about a possible downgrade of the US credit rating.

਀㰀倀㸀✀✀圀攀 栀漀瀀攀 琀栀攀 唀匀 最漀瘀攀爀渀洀攀渀琀 愀搀漀瀀琀猀 爀攀猀瀀漀渀猀椀戀氀攀 瀀漀氀椀挀椀攀猀 愀渀搀 洀攀愀猀甀爀攀猀 琀漀 最甀愀爀愀渀琀攀攀 琀栀攀 椀渀琀攀爀攀猀琀猀 漀昀 椀渀瘀攀猀琀漀爀猀Ⰰ✀✀ 䴀爀 䠀漀渀最 猀愀椀搀Ⰰ 眀椀琀栀漀甀琀 攀氀愀戀漀爀愀琀椀渀最⸀ 㰀⼀倀㸀

''They are playing it very low-key,'' Nicholas Lardy of the Peterson Institute for International Economics said. ''They don't want to acknowledge publicly their vulnerability … I think word has gone down not to make this a big deal.''

਀㰀倀㸀✀✀吀栀攀爀攀✀猀 漀戀瘀椀漀甀猀氀礀 愀 搀椀爀攀挀琀椀瘀攀 琀栀愀琀✀猀 最漀渀攀 搀漀眀渀 ⴀ 渀漀 爀攀瀀漀爀琀椀渀最Ⰰ 渀漀 猀瀀攀挀甀氀愀琀椀漀渀Ⰰ 渀漀 眀漀爀搀 漀渀 栀漀眀 琀栀攀礀 眀愀渀琀 琀栀椀猀 琀漀 琀甀爀渀 漀甀琀Ⰰ✀✀ 䐀攀愀渀 䌀栀攀渀最Ⰰ 愀 䌀栀椀渀愀 猀挀栀漀氀愀爀 眀椀琀栀 琀栀攀 䠀攀爀椀琀愀最攀 䘀漀甀渀搀愀琀椀漀渀 椀渀 圀愀猀栀椀渀最琀漀渀Ⰰ 猀愀椀搀⸀ ✀✀吀栀攀礀 搀漀渀✀琀 眀愀渀琀 琀漀 猀瀀漀漀欀 愀渀礀戀漀搀礀⸀✀✀㰀⼀倀㸀

Mr Cheng said there may be nationalist elements in China - ''a tiny, tiny minority'' - who might not mind seeing the US economy take the hit, because that would feed into the narrative among some people in China that the United States' days as a global superpower are numbered.

਀㰀倀㸀✀✀吀栀攀礀 愀氀爀攀愀搀礀 琀栀椀渀欀 琀栀攀 唀匀 椀猀 椀渀 搀攀挀氀椀渀攀Ⰰ✀✀ 䴀爀 䌀栀攀渀最 猀愀椀搀⸀ ✀✀䤀昀 眀攀 爀攀愀氀氀礀 猀挀爀攀眀 甀瀀 ☀†漀甀爀 昀椀渀愀渀挀攀猀Ⰰ 䌀栀椀渀愀 挀愀渀 最漀 琀漀 椀琀猀 渀攀椀最栀戀漀甀爀猀 愀渀搀 猀愀礀Ⰰ ✀圀攀✀爀攀 渀甀洀戀攀爀 琀眀漀 愀渀搀 眀攀✀爀攀 最漀椀渀最 琀漀 戀攀 渀甀洀戀攀爀 漀渀攀⸀✀ ✀✀㰀⼀倀㸀

Yet China has not stopped stockpiling Treasury securities. In May, it increased its holdings to a value of $US1.6 trillion ($1.47 trillion).

਀㰀倀㸀䔀挀漀渀漀洀椀猀琀猀 猀愀椀搀 琀栀愀琀 洀漀瘀攀 眀愀猀 渀漀琀 猀甀爀瀀爀椀猀椀渀最⸀ 圀椀琀栀 琀栀攀 攀甀爀漀 稀漀渀攀 椀渀 琀甀爀洀漀椀氀 戀攀挀愀甀猀攀 漀昀 琀栀攀 搀攀戀琀 挀爀椀猀椀猀 愀渀搀 䨀愀瀀愀渀 搀攀瘀愀猀琀愀琀攀搀 戀礀 琀栀攀 䴀愀爀挀栀 ㄀㄀ 攀愀爀琀栀焀甀愀欀攀 愀渀搀 琀猀甀渀愀洀椀Ⰰ 䌀栀椀渀愀 栀愀猀 昀攀眀 愀氀琀攀爀渀愀琀椀瘀攀猀 昀漀爀 椀琀猀 昀漀爀攀椀最渀 攀砀挀栀愀渀最攀 爀攀猀攀爀瘀攀猀 漀琀栀攀爀 琀栀愀渀 琀栀攀 搀漀氀氀愀爀Ⰰ 眀栀椀挀栀Ⰰ 搀攀猀瀀椀琀攀 琀栀攀 椀洀瀀愀猀猀攀 椀渀 圀愀猀栀椀渀最琀漀渀Ⰰ 爀攀洀愀椀渀猀 琀栀攀 眀漀爀氀搀✀猀 洀漀猀琀 氀椀焀甀椀搀 愀渀搀 栀椀最栀攀猀琀ⴀ爀愀琀攀搀 挀甀爀爀攀渀挀礀Ⰰ 愀渀愀氀礀猀琀猀 猀愀椀搀⸀ 㰀⼀倀㸀

The Washington Post