America's biggest creditor -- China -- is signaling deep unhappiness over this week's deal to raise the U.S. debt ceiling and the way it was accomplished.A Chinese credit rating agency Wednesday downgraded U.S. debt, saying the deal does nothing to address the underlying problem. And the official Xinhua news agency dismissed the negotiating process that produced the deal as "a madcap farce of brinksmanship."
Zhou Xiaochuan, the governor of China's central bank, used more measured language but issued a similar message. He called for Washington to take concrete and responsible steps to rebuild confidence in U.S. Treasury bonds, saying uncertainties are a threat to the global economic recovery.Zhou welcomed Tuesday's deal, but said he will be watching closely to see how it is implemented. He also said China will continue seeking to diversify its investments.