The deal is expected to avert an unprecedented credit default that many worry could be catastrophic to a global economy that has already been battered by banking turmoil, prolonged high inflation and fallout from the war in Ukraine.
“In the short run, the alarm has been lifted, but the disagreement between the two parties and its impacts on the US and global economy, especially on US dollar assets, are actually not completely eliminated,” Renmin University finance professor Zhao Xijun said.
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