Recently, the news that China has increased its holdings of US Treasury bonds for six consecutive months has aroused concern. 20 16 after a period of continuous reduction, China administration returned to the position of the largest "creditor country" in the United States. In this regard, experts have analyzed that it is normal to increase or decrease the holdings of US Treasury bonds. This year's increase is a reasonable change under the background of China's balance of payments surplus and the increase of foreign reserves, and it is also a choice to expand investment income. In the future, increasing or decreasing the holdings of US Treasury bonds will remain an important operation of China's foreign exchange reserve management.

Both increase and decrease are normal investments.

According to the data recently released by the US Treasury Department, China continued to increase its holdings of US Treasury bonds by US$ 654.38+095 billion in July, and its holding scale increased to US$ 654.38+0.654.38+066 trillion. This is the sixth consecutive month that China has increased its holdings of US Treasury bonds.

In June this year, China surpassed Japan to hold US Treasury bonds and once again became the largest creditor country in the United States. At present, China continues to be the largest overseas "creditor" of the United States.

According to the data released by the Bank of China, in August, China's foreign exchange reserves were US$ 3.092 trillion, and China's foreign exchange reserves increased for the first time in three years for seven consecutive months. A person in charge of SAFE said that the rise in international financial asset prices was the main driving force for the growth of foreign exchange reserves in August. At present, US Treasury bonds account for more than 1/3 of China's foreign exchange reserve assets.

However, just in 20 16, China continuously reduced its holdings of US Treasury bonds, making Japan the largest holder of US Treasury bonds in the world in June of that year.

Regarding the increase or decrease of US Treasury bonds, China officials said that the US bond market is an important market in China and a normal investment operation, and China will dynamically optimize and adjust its operation according to various changes in the market.

The scale of US debt conforms to reality.

For the continuous increase in holdings this year, China's export situation is good and it continues to maintain a trade surplus. At the same time, foreign direct investment has fallen sharply. From the perspective of foreign exchange receipts and payments, there are more foreign exchange in income, while foreign direct investment has decreased significantly and foreign exchange reserves have increased. Therefore, the scale of investment securities will increase accordingly, and it is a reasonable change for China to increase its holdings of US Treasury bonds.

Compared with other securities assets, American debt, as a product with good combination of safety and profitability, has become an important choice for foreign exchange investment. To invest in securities, we should choose a market with stable income and good liquidity. American debt has performed well in this respect, and at the same time it has a large enough market scale and high security.

Morgan Asset Management also pointed out that the US dollar index will have the opportunity to usher in a wave of rebound in the second half of the year. If this happens, it will be a good choice for the China administration to increase its holdings of US Treasury bonds.

The small increase in holdings may continue.

As the largest "creditor country" in the United States, what kind of market impact will China bring about by increasing its holdings of US Treasury bonds?

Since the beginning of this year, China has increased its holdings of US debt for six consecutive months, but the scale is small, showing the characteristics of slow increase, which will not have much impact on the huge US debt market. However, as the largest holder of US debt, China's continued increase in holdings may affect market expectations.

Experts further pointed out that increasing or decreasing the holdings of US Treasury bonds is essentially an investment behavior, and future operations will be affected in many ways. On the whole, however, the pattern of China's trade surplus will remain unchanged for some time to come, and the decline of foreign investment will continue. With the expectation of the appreciation of the US dollar, the process of increasing its holdings slightly in the future may continue.