China boosts US debt holdings
Source: Agencies |
June 16, 2011, Thursday
|
Print Edition
Print Edition
CHINA, the biggest buyer of United States Treasury debt, boosted its holdings in April, the first increase after five straight declines.
The US Treasury Department yesterday said China increased its holdings by US$7.6 billion to US$1.15 trillion. Total foreign holdings of Treasury securities rose 0.2 percent to US$4.49 trillion.
Japan, the second-largest buyer of US debt, trimmed its holdings slightly by US$1 billion to US$906.9 billion. There had been concerns that the March 11 earthquake and tsunami would lead Japan to sharply reduce its purchases to use the money for reconstruction.
The government hit its US$14.3 billion borrowing limit on May 16. Since then, Treasury officials have been making various bookkeeping maneuvers to clear room to continue normal borrowing operations. Treasury Secretary Timothy Geithner has said he will run out of maneuvering room by August 2 if Congress has not passed a higher debt limit by that time.
Republicans are demanding spending cuts that would equal the total increase in the debt limit. But Federal Reserve Chairman Ben Bernanke warned Republicans it would be dangerous to use an increase in the debt ceiling in exchange for spending cuts.
The US Treasury Department yesterday said China increased its holdings by US$7.6 billion to US$1.15 trillion. Total foreign holdings of Treasury securities rose 0.2 percent to US$4.49 trillion.
Japan, the second-largest buyer of US debt, trimmed its holdings slightly by US$1 billion to US$906.9 billion. There had been concerns that the March 11 earthquake and tsunami would lead Japan to sharply reduce its purchases to use the money for reconstruction.
The government hit its US$14.3 billion borrowing limit on May 16. Since then, Treasury officials have been making various bookkeeping maneuvers to clear room to continue normal borrowing operations. Treasury Secretary Timothy Geithner has said he will run out of maneuvering room by August 2 if Congress has not passed a higher debt limit by that time.
Republicans are demanding spending cuts that would equal the total increase in the debt limit. But Federal Reserve Chairman Ben Bernanke warned Republicans it would be dangerous to use an increase in the debt ceiling in exchange for spending cuts.
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