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Foreign ownership of U.S. Treasuries surged again in May, surpassing $9 trillion for the third consecutive month, according to U.S. Treasury Department data. Total holdings rose to $9.045 trillion, up from $9.013 trillion in April and 11.2% higher than a year ago. On a transactional basis, foreign investors bought $146 billion in Treasuries in May, rebounding sharply from April’s $40.8 billion in outflows triggered by President Donald Trump’s tariff announcements.
The renewed appetite for U.S. government debt marked the largest monthly foreign Treasury purchase since August 2022. The volatility in April, sparked by tariffs on April 2, drove investors away temporarily, but May saw a strong recovery in demand.
Japan maintained its position as the largest foreign holder with a record $1.135 trillion. The UK, now the second largest holder, increased its stake to an all-time high of $809.4 billion. Often considered a proxy for hedge fund investments, the UK is commonly used as a custody location, along with the Cayman Islands and the Bahamas.
China, however, continued reducing its holdings, falling to $756.3 billion in May — the lowest since February 2009. The country’s Treasuries have been declining for four straight months, far from its $1.3 trillion peak seen between 2012 and 2016. Analysts attribute this drop to China's efforts to support the yuan amid slowing economic growth and declining dollar inflows from exports.
Canadian investors also reversed their stance, boosting holdings to $430.1 billion in May after significant April selloffs driven by U.S. tariffs on steel and automobiles.
Foreign inflows into U.S. equities also surged, totaling $114.3 billion in May. Overall net capital inflows into the U.S. reached $311.1 billion, the largest since September 2024.
