The US is playing with fire by considering even a brief debt default as a means to force deeper government spending cuts, an adviser to China's central bank aid said.

Li Daokui, an adviser to the People's Bank of China, said a default could undermine the US Dollar.

I really worry about the risks of a US debt default, which I think may lead to a decline in the dollar's value, Li said.

I think there is a risk that the US debt default may happen, Li told reporters on the sidelines of a forum in Beijing.

The result will be very serious and I really hope that they would stop playing with fire.

The idea of a technical default, essentially delaying interest payments for a few days, has gained a backing from a number of Republicans.

Any form of default will not only threaten the global economy but also increase the growing tense relations with China.

China is the largest foreign creditor to the US, holding more than $1 trillion in Treasury debt.

Last week, the House met to vote on a debt-ceiling increase which was rejected. Forex: House Rejects Debt-Ceiling Increase

The US Treasury department has said it will run out of borrowing room by August 2nd.

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