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China’s $1.5 Trillion Bet: Understanding China’s External Portfolio

A CGS Working Paper

Authors: Brad W. Setser, Fellow for Geoeconomics, and Arpana Pandey

China’s $1.5 Trillion Bet: Understanding China’s External Portfolio - chinas-15-trillion-bet-understanding-chinas-external-portfolio

Publisher Council on Foreign Relations Press

Release Date May 2009

22 pages

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Overview

This is an update to the January 2009 Working Paper China’s 1.7 Trillion Bet.

China is now by far the United States’ largest creditor. Its treasury portfolio recently surpassed that of Japan’s, and it has long held more agency (Fannie Mae, Freddie Mac) bonds than any other country. Never before has a nation as poor as China provided so much financing to a country as rich as the United States. In this Center for Geoeconomic Studies Working Paper, Brad W. Setser and Arpana Pandey estimate the true scale of China’s U.S. portfolio and examine how the pace of growth and composition of China’s portfolio have evolved over time.

More About This Publication

Brad W. Setser is a fellow for geoeconomics at the Council on Foreign Relations.

Arpana Pandey is a research associate for geoeconomics at the Council on Foreign Relations.

 

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