Foreign central banks sold off more than $100 billion in US Treasuries as cash demand surged
Central banks around the world dumped US Treasuries through March as the coronavirus' economic toll stifled liquidity and drove massive demand for dollars,Foreign monetary institutions sold off more than $100 billion in Treasury notes in the three weeks ended March 25, according to Federal Reserve data. The period ended days before the Fed openedaimed at giving foreign central banks an alternative method for offloading Treasuries.
Parties cashing in the notes joined other sellers of global government debt looking to boost cash holdings amid a sharp downturn in economic activity, sources familiar with the sales told Bloomberg. Smaller Asian nations and oil-focused economies have primarily sold US debt, while foreign central banks' transactions have been concentrated in older Treasury notes, Bloomberg reported.
Japan is the second-largest holder of US Treasuries with $1.21 trillion in its system, according to Federal Reserve data. China follows with $1.08 trillion in its reserves.
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