The United States pays interest on approximately $850 billion in debt held by the People’s Republic of China. China, however, is currently in default on its sovereign debt held by American bondholders.
The United States pays interest on approximately $850 billion in debt held by the People’s Republic of China. China, however, is currently in default on its sovereign debt held by American bondholders.
The Republic of China still exists, we just know it as Taiwan. Key bit to be leaving out here, especially considering our history with the two and their weird relationship with each other.