China urges US to control deficit

Chinese premier Wen Jiabao has called on the United States to keep its deficit in control to stabilize the US dollar exchange rate. He made the remarks in Egypt on Sunday.

The Premier said control of the US deficit would not only stabilize the US dollar exchange rate, but bolster the world's economic stability and recovery.

Wen also reiterated his position earlier this year on concern about China's assets in US Treasury. China is the largest foreign holder of US treasury. The US has the world's largest economy and is the issuing country of the world's major reserve currency.