Chinese Leaders Concerned About U.S. Deficit

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Top Chinese leaders are worried about the enormous U.S. federal deficit and they are looking to diversify their foreign currency holdings away from the dollar.

Agence France Presse reports that Chinese officials expressed their concerns to two U.S. congressmen.

They reportedly didn't like the fact that the Federal Reserve has flooded the U.S. economy with cash to fight the financial crisis.

One of the congressman added that Chinese leaders are not interested in dethroning the U.S. Instead, they hope the U.S. leads the global economic recovery.

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