misuse of "as such"

[uktous]

Hi,

Question:
Do the writer misuse as such?

Sentence1:
Italy has one of the biggest debt mountains in the western world, at 120% of its annual economic output, and because on average these bonds expire every four years, it needs to go back into the market regularly to raise money. As such, it is highly sensitive to the level of its bond yields, since even the smallest percentage increase can dramatically increase its annual interest costs.

Sentence2:
Analysts estimate 70 % of China's reserves are invested in dollar assets, and data shows China had $1.16 trillion worth of Treasuries as of the end of May. As such, it is in Beijing's interests to see a healthy U.S. economy.

My opinion:
I say the as such are misused, because "The expression “as such” has to refer to some status mentioned earlier."

As here mentioned:
http://public.wsu.edu/~brians/errors/assuch.html
http://lawprofessors.typepad.com/leg...ect_use_o.html

thanks

[SoothingDave]

The author seems to think that "as such" is the same as "therefore." If it had said "Italy is one of the West's great debtor nations. As such..." it would be OK.