“In 2011 in Beijing, when the U.S. was still dealing with the aftermath of the financial crisis, Chinese Premier Wen Jiabao told Mr. Biden, ‘I’m sorry your economy is in such terrible shape,’ according to Danny Russel, then the top White House adviser on Asia, who witnessed the exchange. Mr. Wen questioned whether Beijing’s multibillion-dollar investment in U.S. Treasury bills was safe.

“The vice president replied that if China wanted to sell, ‘please go ahead,’ Mr. Russel recalled. More than 90% of Treasurys were owned by Americans, Mr. Biden continued, and ‘No one ever won betting against the American people,’ according to Mr. Russel…”

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