THE COUNTRY’S IN THE VERY BEST OF HANDS: China airs fears on US debt, dollar. “China is the largest creditor to the United States with some 700 billion dollars invested in Treasury bonds. Zhou earlier this year floated the idea of replacing the dollar with a basket of currencies as the benchmark global unit. Kirk said that Chinese leaders were sharply critical in private of the US Federal Reserve’s policy of ‘quantitative easing’ — a form of flooding the financial system with cash, which critics deride as printing imaginary money.”