TAILIEUCHUNG - China’s Holdings of U.S. Securities: Implications for the U.S. Economy

While the banking sector index depicts the general trend in bank equity prices, it is silent about the drivers of their performance. Understanding these drivers is important for equity market investors, bank managers and prudential regulators alike. For investors, a better understanding would inform portfolio decisions. For bank managers, the expected rate of return on shareholders’ funds represents a key hurdle rate for business decisions. For policymakers, it would shed light on the incentives of bank shareholders and, by extension, bank managers. Furthermore, insight into the determinants of bank equity prices can also inform the calibration of policies. | China s Holdings of . Securities Implications for the . Economy Wayne M. Morrison Specialist in Asian Trade and Finance Marc Labonte Specialist in Macroeconomic Policy September 26 2011 Congressional Research Service 7-5700 RL34314 CRS Report for Congress------------- Prepared for Members and Committees of Congress China s Holdings of . Securities Implications for the . Economy Summary Given its relatively low savings rate the . economy depends heavily on foreign capital inflows from countries with high savings rates such as China to meet its domestic investment needs and to fund the federal budget deficit. The willingness of foreigners to invest in the . economy and purchase . public debt have helped keep . real interest rates relatively low which until recently contributed to rapid . economic growth. However many economists contend that . dependency on foreign savings was a contributing factor to the . housing bubble and subsequent global financial crisis. China s policy of intervening in currency markets to limit the appreciation of its currency against the dollar and other currencies has made it the world s largest and fastest growing holder of foreign exchange reserves which totaled trillion as of June 2011. China has invested a large share of these reserves in . private and public securities which include long-term LT Treasury debt LT . agency debt LT . corporate debt LT . equities and short-term debt. As of June 2010 China was the largest holder of . securities which totaled trillion. China s holdings of . Treasury securities which are used to help finance the federal budget deficit totaled trillion as of June 2011 which were of total foreign holdings. The . public debt has risen sharply over the past decade reaching trillion as of March 2011. Of this amount was held by . government trust funds and was privately held. Foreign investors held of .

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