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China's U.S. Treasury holdings hit 12-year low on rate hikes, tensions
By Yuta Saito and Iori Kawate
Nikkei Asia, Tokyo
Friday, February 17, 2023
China's U.S. government bond holdings hit the lowest in over 12 years at the end of December, while its gold trove grew against a backdrop of American interest rate hikes and bilateral tensions.
Chinese holdings of Treasury securities fell for the fifth straight month in December to $867 billion, data published Wednesday by the U.S. Treasury Department shows.
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The figure fell $173.2 billion, or 17%, in 2022 -- the biggest drop since 2016. China was not the only nation to sell down its Treasury holdings -- all foreign holdings of Treasury securities fell 6% in 2022 -- but its move was large.
The decline came as the U.S. Federal Reserve raised interest rates at a rapid pace to curb inflation. The benchmark 10-year yield had risen to nearly 4% at the end of December from around 1.5% a year earlier, and Chinese investors likely trimmed their holdings to avoid losses from a decrease in bond prices.
Geopolitical factors also played a role, market watchers said. ...
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