China shrank its holdings of US Treasuries in March, with the UK replacing it as the No. 2 overseas owner. The month, which preceded the April turmoil in the Treasuries market, saw a second straight jump in foreign purchases, to a fresh record high. Total overseas holdings rose $233.1 billion, to $9.05 trillion, Treasury Department…
Halfway up a 37-storey tower overlooking Hong Kong’s Victoria Harbour, within walking distance from the People’s Liberation Army barracks and the classy Hong Kong Club, sits an unassuming office of a fund manager with an outsize role in the global financial markets. The spartan office, with two tiny flags of China and Hong Kong providing…
China’s central bank chief Pan Gongsheng promised to park more of the country’s US$3.2 trillion foreign exchange reserves in Hong Kong, fanning speculation about how much more Beijing can earmark for the city’s assets. Beijing has always guarded the details of its forex portfolio reserves as classified information, so the exact amount of reserve funds…