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Foreign need for US debt falls
Source: Agencies |
February 16, 2012, Thursday
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Print Edition
FOREIGN demand for US Treasury debt fell slightly in December after hitting a record high the previous month as China, the largest holder of Treasury debt, cut its purchases for a third straight month.
Total foreign holdings dipped 0.4 percent in December to US$4.73 trillion, the Treasury Department reported yesterday. It was the first drop in foreign holdings of Treasury debt since July.
China cut its holdings 2.8 percent to US$1.1 trillion. Japan, the second-largest buyer of the debt, raised theirs 0.3 percent to US$1.04 trillion.
US government debt is still considered an ultra-safe investment. And it's been in demand as worries about the European debt crisis have intensified.
That demand has remained strong despite the first-ever downgrade of the government's credit rating. Standard & Poor's lowered its rating on long-term Treasury debt one notch from AAA to AA+ last August following a prolonged debate in Congress over increasing the nation's borrowing limit.
The nation's borrowing needs will remain high based on the projections in US President Barack Obama's latest budget released on Monday. The administration estimated this year's gap would total US$1.33 trillion.
Total foreign holdings dipped 0.4 percent in December to US$4.73 trillion, the Treasury Department reported yesterday. It was the first drop in foreign holdings of Treasury debt since July.
China cut its holdings 2.8 percent to US$1.1 trillion. Japan, the second-largest buyer of the debt, raised theirs 0.3 percent to US$1.04 trillion.
US government debt is still considered an ultra-safe investment. And it's been in demand as worries about the European debt crisis have intensified.
That demand has remained strong despite the first-ever downgrade of the government's credit rating. Standard & Poor's lowered its rating on long-term Treasury debt one notch from AAA to AA+ last August following a prolonged debate in Congress over increasing the nation's borrowing limit.
The nation's borrowing needs will remain high based on the projections in US President Barack Obama's latest budget released on Monday. The administration estimated this year's gap would total US$1.33 trillion.
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