China holds biggest US debt
Source: Xinhua |
March 1, 2010, Monday
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Print Edition
Print Edition
CHINA remains the largest foreign holder of United States Treasury securities at the end of December, the US media reported on Saturday.
The report quoted the new government data as saying that China held US$894.8 billion in Treasury securities at the end of December, more than US$755 billion that had been previously estimated.
But the new report also showed China trimmed its holdings of US debt by US$34.2 billion in December.
The US Treasury reported on February 16 that Japan surpassed China as the largest holder of US Treasury securities in December. But the new estimate said Japan, now back in second place, held US$765.7 billion in December.
Japan had been the largest holder of US Treasury securities until China gained that distinction in 2008.
"Purchase of Treasuries by China would reflect only purchases by an entity in China from an entity based in the US," Stone & McCarthy Research Associates said in a recent client note.
"The data would not pick up purchases done on behalf of Chinese investors by dealers in the UK or Hong Kong, for example, nor would it pick up purchases of Treasuries by investors in China from investors based outside the US," it added.
China defended its move to reduce its holdings of US Treasury debt, saying the US should take steps to promote confidence in its dollar.
Last week, when responding to questions on China's sale of US Treasuries in December, Foreign Ministry spokesman Qin Gang said the issue should be viewed from two perspectives.
On one hand, China always followed the principle of "ensuring safety, liquidity and good value" in managing its foreign exchange reserve, he said. On the other hand, the US should take concrete steps to beef up the global market's confidence in the dollar, Qin said.
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