China dumps more T-Bonds
This don’t bode well:
China sold more US treasury bonds in April than any time in at least seven years, a signal that the nation may be diversifying the world’s largest foreign-exchange reserves, Shanghai Securities News reported today.
Statistics from the US Treasury Department show that China sold a net US$5.8 billion of T-bonds, the first drop in holdings since October 2005. Japan remains the largest holder of US T-bonds, with its holdings reaching US$614.8 billion in April, according to the statistics.
…To attract more investments in US dollar assets, Treasury deputy secretary Robert Kimmitt plans to lobby China and Russia to keep investing in the US on his trips to Moscow and Beijing next week. He said he plans a similar message on upcoming visits to Japan, South Korea and the Middle East.</em>
Good luck on that, dude. Try selling our near worthless paper to the Middle East- so we can have cash to pay military contractors for more bombs to use…on the Middle East. Again, good luck on that.