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IMF chief warns world economy risks ‘downward spiral’

International Monetary Fund chief Christine Lagarde on Wednesday warned the world risked plunging into a “downward spiral” of financial instability and urged Asian economies to be on their guard. Lagarde said Asia was not immune to problems currently sweeping the eurozone, as she began a two-day visit to China likely to focus on the deepening debt…

Euro fund head sees no quick China deal

BEIJING (Reuters) – The head of Europe’s 440 billion euro bailout fund played down hopes of a quick deal with China to throw its support behind efforts to resolve the bloc’s debt crisis but said he expects Beijing to continue to buy bonds issued by the fund. Klaus Regling, chief…

China will expand investment in Europe: Wen

Premier Wen Jiabao said on Wednesday China will continue to expand its investment in the eurozone and called on Western countries facing a crippling debt crisis to “put their houses in order”. As Europe’s struggling economies look to cash-rich China as a possible rescuer, Wen also urged EU leaders to…

U.S. ambassador: China need not fret over dollar assets

BEIJING (Reuters) – China should rest easy that its investments in the dollar remain safe, the newly arrived U.S. ambassador in Beijing, Gary Locke, said on Sunday, adding that the world’s two biggest economies could find common ground despite economic and political strains. In his previous job as U.S. commerce…

Republicans in disarray after collapse of Boehner plan

WASHINGTON (Reuters) – Republican leaders will scramble to rescue their budget deficit-cutting plan on Friday after conservatives mounted a rebellion that heaped uncertainty on efforts to avert a catastrophic debt default. House of Representatives Speaker John Boehner’s failure to round up enough support for his plan on Thursday exposed a…

China urges U.S. to protect creditors after S&P warning

BEIJING (Reuters) - China’s Foreign Ministry said on Tuesday that the United Statesmust take “responsible” measures to protect investors in its debt after Standard & Poor’s threatened to lower its credit rating on the United States due to a bulging budget deficit. “We hope the U.S. government will take responsible policies and measures to…

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