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China tops Japan in U.S. debt holdings
Published on: 2008-11-20
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China passed Japan to become the U.S. government's largest foreign creditor in September, the Treasury Department announced on Tuesday, reflecting the dramatic expansion of Beijing's economic influence over the American economy. China's new status -- it now owns nearly 1 USD out of every 10 USD in U.S. public debt -- means Washington will be increasingly forced to rely on Beijing as it seeks to raise money to cover the cost of a 700 billion USD bailout.
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