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China trims holdings of Treasury securities

Commonground

Commonground

Senior Moderator
Updated: <script language="JavaScript">var wn_last_ed_date = getLEDate("Mar16, 2010 10:33 PM EST"); document.write(wn_last_ed_date);</script>March 16, 2010 10:33 PM
By MARTIN CRUTSINGER
AP Economics Writer
WASHINGTON (AP) - China retained its spot as the biggest foreign holder of U.S. Treasury debt in January even as it trimmed its holdings for a third straight month. The string of declines underscored worries that the U.S. government could face much higher interest rates to finance soaring budget deficits.



The Treasury Department said Monday that China's holdings dipped by $5.8 billion to $889 billion in January compared with December. Japan, the second-largest foreign holder of U.S. government debt, also trimmed its holdings but by a much smaller $300 million, to $765.4 billion.


Net foreign purchases of long-term securities, a category that includes both government and corporate debt, totaled $19.1 billion in January, as net purchases of private corporate bonds fell by $24.8 billion, the biggest drop on record.
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http://www.kwqc.com/global/story.asp?s=12141778&ClientType=Printable
 
Re: China trims holdings of Treasury securities

excerpt from article:

The decline in Chinese holdings is coming at a time of increased tensions between the two nations. Chinese Premier Wen Jiabao on Sunday rejected American pressure on China to allow its currency to rise in value against the dollar, saying such efforts amounted to a kind of trade protectionism.
A group of 130 House members sent a letter to the administration on Monday urging the Treasury Department to cite China as a currency manipulator in a report that is scheduled to be released next month. The group also called on the Commerce Department to impose trade sanctions on China on the basis that its currency system was an unfair trade practice.


"If the administration fails to act on this issue it will hold back our economic recovery and hurt the ability of American small businesses and manufacturers to increase their production, keep their doors open and create jobs," said Rep. Mike Michaud, one of the signers of the letter.
 
Re: China trims holdings of Treasury securities

another excerpt:

Treasury's latest report on international capital flows showed that foreign holdings of Treasury securities increased by $17 billion in January to $3.71 trillion.
 
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