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China agency holdings drop by $100 billion while Canada and Europe increase exposure, Brad Setser notes
Brad Setser, industry influencer, examines recent changes in U.S. Treasury International Capital (TIC) data.
He notes that China’s agency holdings have fallen significantly over the past few years, declining to about $150 billion from a peak exceeding $250 billion. Meanwhile, Setser observes that Canadian agency holdings are large and rising, and there is growing ownership from European financial centers.
State-driven financial flows in Asia and oil-exporting countries are often excluded from traditional reserve accounting, according to previous analysis by trvrpl. In another report, Joseph Fahmy has highlighted that disruptions in GCC oil supply may represent a bigger risk to the U.S. economy than shifting oil sales to China in yuan. These factors have informed recent attention to foreign holdings reported in the TIC data.
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