Market Chatter: US Treasury Chief Slams China as Unreliable Global Partner Due to Oil Hoarding
U.S. Treasury Secretary Scott Bessent called China an "unreliable global partner" amidst the war in the Middle East, Reuters reported Tuesday, citing remarks made to reporters.Bessent said China has been stockpiling more oil than needed and limiting exports, similar to how the country hoarded medical supplies during the COVID-19 pandemic, the report said."China has been an unreliable global partner three times in the past five years; once during COVID, when they hoarded healthcare products, second on (rare earths)," the publication quoted Bessent as saying.China's reserve is equivalent to the entire stockpile held by the 32 members of the International Energy Agency (IEA), Reuters said.The International Monetary Fund, World Bank, and the IEA have asked countries to stop hoarding oil and imposing export controls, but stopped short of naming countries, the report said.China has been working actively to end the hostilities and would "continue playing a constructive role," Reuters said, citing Liu Pengyu, spokesperson for the Chinese embassy in Washington.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)