China’s Xinhua news agency appeals to the world to 'de-Americanise'. The article by Xinhua writer Liu Chang was published on the Xinhua website on October 13. The reason for such a statement lies at the U.S. Republicans and Democrats fight about a 2014 budget and the debt ceiling. To prevent financial crises, Mr.Chang suggests enhancing the role of developing countries in the leading international financial intuitions (The World Bank and International Monetary Fund) and choosing a new alternative reserve currency replacing the U.S. dollar. Xinhua is a state agency and reflects the Chinese government stance. Apart from China’s mass media, Head of International Monetary Fund Christine Lagarde and President of the World Bank Jim Yong Kim are also worried about the U.S. Government shutdown.
Harry Reid, Senate majority leader, and Senate Minority Leader Mitch McConnell held a meeting in Washington on October 13, the details of which were not revealed.
The U.S. Department of the Treasury will be out of funds to pay the bills of the Federal Government on October 17. If Congress does not raise the debt ceiling, it will cause a default in the U.S. The limit of $16.7 trillion was exceeded in May. Since then, the Department of the Treasury has had to apply extraordinary measures to pay off the federal bills.
