China’s recorded holdings of Treasuries have fallen below those of the UK for the first time since the start of the century, underlining an ongoing shift in Beijing’s management of its foreign reserves.
The value of Treasuries held by Chinese investors, as recorded by US banks and custodians, fell to $765bn at the end of March, down from $784bn in the previous month. Those held by UK investors rose almost $30bn to $779bn, according to data published late on Friday.
The crossover makes UK investors the second-largest foreign holders of US Treasuries after Japan. It is the first time UK holdings have been higher than China’s since October 2000 and is the latest sign that Beijing is seeking to diversify gradually away from US assets.
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