China was a large seller of US Treasuries in December but sought higher-yielding mortgage securities amid expectations of more policy easing by the Federal Reserve.
Treasury flows were dominated by China selling $32bn in bonds, dropping its overall holdings to $1.1tn and extending a steady decline from July’s peak of $1.173tn, according to official data released yesterday.
The UK, a financial centre seen as a proxy for Chinese flows, had a drop in Treasury holdings from $426bn to $415bn. Hong Kong’s appetite for Treasuries rose from $105bn to $112bn.
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