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markets.businessinsider.com/news/bonds/china-us-debt-trea...
China shifts US bond holdings offshore, potentially beyond the reach of any future currency sanctions, report says
▫️ China cut US debt holdings by 9% from the end of 2021 to July this year, according to Nikkei Asia.
▫️ Meanwhile, the Cayman Islands saw a $38.5 billion rise in China's Treasury holdings, and Bermuda saw a $7 billion increase.
▫️ China may be protecting dollar-denominated assets from any future sanctions like the kind that froze Russia's foreign currencies.
China has steadily trimmed its holdings of US government debt this year and moved some bonds to offshore tax havens where they could be protected from any future sanctions, according to a report from Nikkei Asia.
Treasury Department data last week showed that Beijing's holdings of US Treasury bonds hit $970 billion in July. While that's up from $967.8 billion in June, which was the lowest since May 2010, the overall trend has been heading lower. For the year to date through July, China's stash of Treasurys shows a 9% decline.
Meanwhile, China's Treasury holdings located in the Cayman Islands and Bermuda jumped by $38.5 billion and $7 billion, respectively.
Shifting them offshore could protect China's dollar-denominated assets from the potential of future sanctions, like the kind that froze Russia's foreign currency reserves, Nikkei said.
After Russia invaded Ukraine early this year, more than $300 billion in Russian assets that were held in sanctioning countries were frozen.
A Chinese government source told Nikkei that the freeze of Russia's assets "dealt a much bigger blow" than kicking Moscow out of the SWIFT global payments system. And any attempt to reunify Taiwan with mainland China by force could trigger similar sanctions that would put Beijing's $3 trillion in foreign-currency reserves at risk.
And while its Treasury holdings drift lower, China's gold imports more than doubled in August year over year to $10.36 billion, according to Nikkei.
On Saturday, November 11, 2023, the nation observed Veterans Day. President Joe Biden, Vice President Kamala Harris and VA Secretary Denis McDonough observed the day with a traditional wreath-laying at the Tomb of the Unknown Soldier at Arlington National Cemetery. Following the traditional ceremony in the amphitheater, wreaths were laid by Veteran groups at the Tomb of the Unknown Soldier. (VA/Eugene Russell-US Army Veteran)
Swimming pool leaf vacuum (manual vacuum). This image is available for use under Creative Commons, so you may use it by crediting and linking to poolonomics.com.
Trea Udo and Band live at Zeffirellis, Ambleside (UK). For gig information and to stream music, visit www.myspace.com/treaudo
www.allproreels.com -- Washington Nationals vs Cincinnati Reds, at Nats Park, Washington DC, May 26th, 2021
Trea Udo and Band live at Zeffirellis, Ambleside (UK). For gig information and to stream music, visit www.myspace.com/treaudo
Lake Ainsworth is a fresh water lagoon that is permanently discouloured by ti-trea tanins leaching from the treas that surround the lake. It sits close to the coastal village of Lennox Head on the NSW North Coast of Australia.
On Saturday, November 11, 2023, the nation observed Veterans Day. President Joe Biden, Vice President Kamala Harris and VA Secretary Denis McDonough observed the day with a traditional wreath-laying at the Tomb of the Unknown Soldier at Arlington National Cemetery. Following the traditional ceremony in the amphitheater, wreaths were laid by Veteran groups at the Tomb of the Unknown Soldier. (VA/Eugene Russell-US Army Veteran)