53 Results for:

May 13, 2009

China
China’s $1.5 Trillion Bet

Overview This is an update to the January 2009 Working Paper China’s $1.7 Trillion Bet. Download the original paper [PDF]. China is now by far the United States’ largest creditor. Its treasury …

June 17, 2009

China
whatdollarsales China's Foreign Assets

Many fear that China will not be willing to continue financing the growing deficits of rich countries, particularly that of the U.S. Throughout the crisis, China has continued to buy dollar assets,…

May 29, 2009

China
bricfx3 BRIC's Dollar Assets

Brazil, Russia, India, and China have increased their holdings of foreign exchange reserves significantly over the last decade. But China stands out when it comes to financing the United States. Ch…

August 4, 2009

Monetary Policy
frbny-custodial-data-july-09-3 Bonus graph

A quick chart showing how my estimates (from work I have done with Arpana Pandey of the CFR) for official holdings of Treasuries and Agencies compares with the FRBNY custodial holdings and the data t…

January 13, 2009

Emerging Markets
The fall in the US trade deficit in November The fall in the US trade deficit in November

I’ll be unusually brief. I have been working through the latest data on China -- and, well, it is hard to top Calculated Risk. The fall in the US trade deficit today was easy to anticipate. …

May 17, 2009

Monetary Policy
"We hate you guys ... but there is nothing much we can do" "We hate you guys ... but there is nothing much we can do"

That – now famous -- quote by Luo Peng isn’t really true. China’s government choose to peg its currency to the dollar. More importantly, China’s government choose to peg to the dollar at a rate t…

July 20, 2009

Monetary Policy
trade-deficit-v-portfolio-flows-5 And now, the rest of the story: long-term portfolio flows have fallen by more than the trade deficit

The goods news: the US trade deficit has shrunk. On a rolling 12m basis the trade deficit is down to around $500 billion, and the data from the last few months suggests that it should fall even fur…

April 24, 2009

Monetary Policy
"Not quite so SAFE": This week’s Economics Focus column

This week’s Economist covers two topics that regular readers know very, very well: China’s reserve growth and China’s holdings of US debt. The estimates for China’s US holdings in the Economist a…

February 26, 2009

Monetary Policy
Who bought all the Treasuries the US issued in 2008?  And who will be the big buyers in 2009? Who bought all the Treasuries the US issued in 2008? And who will be the big buyers in 2009?

And just how important is China -- clearly now the largest single holder of Treasury bonds -- to the market? Both questions matter more than ever -- to the market, and to the US government. …

May 27, 2009

Monetary Policy
treasury-issuance-thru-april-09-1 The Treasury market, in a world no longer dominated by central bank reserve managers

In case you haven’t heard, the Treasury market – and the mortgage market -- had a bad day. Ten-year Treasury yields are back at their November 2008 levels (long-term Treasury yields didn’t fall imm…