In a speech at Beijing University at the start of his two-day visit, Mr Geithner reassured his Chinese hosts that they need not worry about the estimated $770bn (£475bn) they have invested in US treasuries, a class of US government debt. "Chinese financial assets are very safe," he said, drawing laughter from the audience.
"Chinese financial assets are very safe," he said, drawing laughter from the audience.
NYT: In China, Geithner Backs Cooperation
Following Mr. Geithner's speech Monday, a student asked the Treasury secretary whether China's investments in the United States were safe. He responded without hesitation. "Chinese financial assets are very safe," Mr. Geithner said, eliciting some laughter. He then quickly said that the United States still had deep and liquid financial markets, and that the administration of President Barack Obama was committed to tackling the deficit and maintaining a strong dollar.
He responded without hesitation. "Chinese financial assets are very safe," Mr. Geithner said, eliciting some laughter. He then quickly said that the United States still had deep and liquid financial markets, and that the administration of President Barack Obama was committed to tackling the deficit and maintaining a strong dollar.
