China Blasts US Debt Problems, Urges New Reserve Currency Published: Saturday, 6 Aug 2011 | 2:47 AM ET China roundly condemned the United States for its "debt addiction" and "short sighted" political wrangling and said the world needed a new stable global reserve currency. In a harshly-worded commentary by the official Xinhua news agency on Saturday, China gave its first official comments on the United States losing its gilded AAA long-term credit rating from Standard & Poor's. "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," Xinhua said. China also urged the United States to apply "common sense" to "cure its addiction to debts" by cutting military and social welfare expenditure. "The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone," Xinhua wrote. http://www.cnbc.com/id/44043828 Very strong words from China, it looks like the cat is surely out of the bag now.