...the U.S. is printing money to pay for its soaring budget deficit. He noted that China and other developing countries hold U.S. dollars as their foreign reserve on the premise that the dollar is being managed responsibly. But in recent years, the U.S. "didn't assume its responsibilities."
China buys a great deal of our debt on the assumption that we will be able to pay that debt back. If they think we are not acting responsibly, they will stop buying our debt, and we will be even deeper in the hole.