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Washington (AFP) May 16, 2011 China cut its holdings of US debt in March for the fifth month in a row, US Treasury data showed Monday, though it remains by far the country's largest foreign creditor. Chinese holdings of US Treasury securities fell to $1.145 trillion in March, down $9.2 billion from the previous month and $30.4 billion, or 2.6 percent lower than the October peak of $1.175 trillion. Debt held by Chinese territory Hong Kong has fallen in parallel, from $135.2 billion in October to $122.1 billion in March. A $17.6 billion rise in buying from private and government investors in Japan, the second largest Treasuries holder, and a $29.7 billion surge in demand from Britain, more than covered the lower interest from China, Russia and other areas. The data came as the Treasury said it had reached its statutory borrowing limit of $14.29 trillion Monday and would begin taking measures to curb some issues, as Congress was still unable to agree on increasing the cap. Analysts said demand for US debt for the meantime would remain strong. "Going forward, strong demand for US long-term securities should prevail, supported by solid US economic growth prospects and timid growth in Europe and Japan," said Chris Christopher of economic analysts IHS Global Insight. "Emerging markets will continue to provide an attractive alternative to US Treasuries with higher risks and, of course, better returns."
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