China blasts US, urges new global currency

Shanghai: China on Saturday condemned the "short-sighted" political wrangling in the United States over its debt problems and said the world needed a new global stable reserve currency.

"China, the largest creditor of the world's sole superpower, has every right now to demand the United States address its structural debt problems and ensure the safety of China's dollar assets," China's official news agency said in a commentary.

"International supervision over the issue of US dollars should be introduced and a new, stable and secured global reserve currency may also be an option to avert a catastrophe caused by any single country," it said.

The United States lost its top-tier AAA credit rating from Standard & Poor's on Friday.