China's holdings of U.S. Treasurys hit two-year low
Data on foreign holdings of U.S. government bonds released late Wednesday drew attention amid worries that Beijing could move to sell a chunk of its Treasurys stockpile as a retaliatory measure against the Trump administration’s tariffs.
The widely-watched Treasury International Capital report showed that China’s stockpile of U.S. government bonds fell by $10 billion to a two-year low of $1.12 trillion in March, marking its first decrease in four months. Jon Hill, an interest-rate strategist at BMO Capital Markets, wrote the increase in overseas buying may have led Treasury prices to rise, and their yields to fall, at the end of the first-quarter.
Brad Setser, an expert on capital flows and a senior fellow at the Council on Foreign Relations, tweeted that China may have simply recycled the proceeds from selling Treasurys into other creditworthy securities like agency mortgage-backed bonds.
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