American Investment in Chinese Renminbi

  1. Bruno Cavani
  2. Christopher Clayton
  3. Amanda Dos Santos
  4. Matteo Maggiori
  5. Jesse Schreger
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Abstract

This paper uses microdata on U.S. mutual fund and ETF portfolios from SEC Form N- PORT to study American investment in Chinese Renminbi (RMB)–denominated bonds. We show that, even as total foreign holdings of Chinese bonds rebounded in 2024, U.S. holdings of RMB bonds fell sharply and that most of this decline reflects funds exiting RMB positions entirely. These patterns point to a shift in the composition of China’s foreign investor base away from U.S. institutional investors and illustrate how publicly available microdata can inform work on the geopolitics of international currency use.

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  1. Version published to 10.31235/osf.io/anxmr_v2 on OSF Preprints
  2. Version published to 10.31235/osf.io/anxmr_v1 on OSF Preprints