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Foreign reserves in China declined from a record-high level witnessed in June 2014, while the country’s holdings of U.S. Treasuries (UST) dropped to the lowest level in four years, in an attempt to support its domestic currency.
China’s foreign reserves, the world’s largest stockpile, are down to USD3.12 trillion from a record USD4 trillion in June 2014 amid support for the currency.
The worlds’ second-largest economy, also the biggest holder of USTs had USD1.16 trillion in bonds, notes and bills in September, down USD28.1 billion from the prior month, data released by the U.S. Treasury Department showed Wednesday in Washington.
Further, net foreign selling of U.S. Treasuries was USD76.6 billion in September and USD3.21 billion in equities, while foreigners purchased a net USD1.08 billion of corporate debt and USD32.1 billion in agency debt, according to the report.
In addition, Japan’s holdings of U.S. government debt also declined for the second straight month, down USD7.6 billion to USD1.14 trillion. The Treasury holdings of oil-producing Saudi Arabia declined for an eighth straight month, to USD89.4 billion.
Meanwhile, USD/CNY was 0.09 percent down at 6.8710 at the time of closing Thursday.
