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QINGDAO TODAY
在线翻译:
szdaily -> Markets -> 
China cuts US debt holdings for third straight month
    2018-10-18  08:53    Shenzhen Daily

CHINA’S holdings of U.S. Treasuries fell for a third straight month in August to their lowest in more than a year, U.S. Treasury Department data showed Tuesday, in what was likely a move to support its currency in the face of emerging market volatility.

Data showed that China’s Treasuries’ holdings fell to US$1.165 trillion in August, from US$1.171 trillion in July. The world’s second-largest economy, though, remains the largest non-U.S. holder of Treasuries.

“This was probably just to support China’s currency and just to handle day-to-day flows,” said Jon Hill, interest rates strategist at BMO Capital Markets in New York.

“August also coincided with emerging market volatility as well as some slight depreciation in the yuan in the middle of August,” he added.

China may have allowed its foreign exchange reserves to decline as part of a policy to stabilize the yuan and prevent it from weakening further. The yuan already has depreciated more than 4 percent against the dollar in the past year amid signs of an economic slowdown and capital outflows.

In August, the U.S.-China tariff war escalated, and the concern was that China would retaliate by cutting its vast holdings of Treasuries.

But Hill said there has been no evidence of that based on the August report.

“It certainly doesn’t appear that China is weaponizing its Treasury holdings just given the small decline and the general lack of market reverberations,” Hill said.

(SD-Agencies)

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