Last-minute US debt ceiling rise leaves world reeling

Debt ceiling deal will not restore investor confidence immediately; China still looking to diversify reserves away from dollar; credit rating agencies cautiously affirm top ratings

Mitigating delivery risk

Despite a last-minute deal on August 2 to lift the debt ceiling in the US, investor confidence has been deeply shaken by the indecision shown by the world's leading economy.

Zhou Xiaochuan, governor of the People's Bank of China (PBoC), says he welcomes the passing of the Budget Control Act, and that he believes it "marked effort by the US in raising debt limits and reducing budget deficits in the long run". However, he warns the PBoC "would closely observe its implementation".

"The US

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