The US Treasury has dramatically revised data on foreign holdings of US government debt, estimating that China owns more Treasuries than previously thought while the UK holds only about half as much.
The figures released on Monday suggest fears that China has been reducing its US dollar holdings may have been overstated.
Richard Gilhooly, strategist at TD Securities, estimated that the new data means that 42 per cent of China’s reserves are in Treasuries, compared with his previous estimate of 32 per cent.
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