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US debt holdings cut
By Martin Crutsinger |
00:22 UTC+8 April 16, 2010
|
Print Edition
Print Edition
Chinese mainland trimmed its holdings of United States Treasury debt 1.3 percent in February, the fourth consecutive decline. Those reductions are raising concerns the US government could face higher interest rates to finance its soaring budget deficits.
The US Treasury Department yesterday said the Chinese mainland's holdings dropped US$11.5 billion to US$877.5 billion. That still left the mainland as the largest foreign holder of US Treasury debt.
Japan retained the No. 2 spot with US$768.5 billion, a drop of 0.4 percent from the January level.
Net foreign purchases of long-term securities, a category that includes both government and corporate debt, totaled US$47.1 billion in February. That compared with an increase of US$15 billion in January.
By contrast to the declines in holdings of Treasury securities by Chinese mainland and Japan, holdings by Britain jumped 12.2 percent to US$321.7 billion. Hong Kong also recorded a large increase of 4 percent to US$152.4 billion.
Treasury analysts said that one explanation for the changes may be that mainland investors are buying their securities through Britain and Hong Kong.
Economists said that unless foreign demand for US Treasury debt remains strong, the interest rates that the government has to pay for that debt could rise sharply, making the US deficit picture look even worse.
The US Treasury Department yesterday said the Chinese mainland's holdings dropped US$11.5 billion to US$877.5 billion. That still left the mainland as the largest foreign holder of US Treasury debt.
Japan retained the No. 2 spot with US$768.5 billion, a drop of 0.4 percent from the January level.
Net foreign purchases of long-term securities, a category that includes both government and corporate debt, totaled US$47.1 billion in February. That compared with an increase of US$15 billion in January.
By contrast to the declines in holdings of Treasury securities by Chinese mainland and Japan, holdings by Britain jumped 12.2 percent to US$321.7 billion. Hong Kong also recorded a large increase of 4 percent to US$152.4 billion.
Treasury analysts said that one explanation for the changes may be that mainland investors are buying their securities through Britain and Hong Kong.
Economists said that unless foreign demand for US Treasury debt remains strong, the interest rates that the government has to pay for that debt could rise sharply, making the US deficit picture look even worse.
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