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https://www.bloomberg.com/news/articles/2026-02-09/china-urges-banks-to-limit-holdings-of-us-treasuries-citing-market-volatility

China Urges Banks to Curb US Treasuries Exposure on Market Risk


Buildings in Pudong's Lujiazui Financial District in Shanghai, China.
Photographer: Qilai Shen/Bloomberg

Chinese regulators have advised financial institutions to rein in their holdings of US Treasuries, citing concerns over concentration risks and market volatility, according to people familiar with the matter.

Officials urged banks to limit purchases of US government bonds and instructed those with high exposure to pare down their positions, the people said, asking not to be identified discussing private deliberations. The directive doesn’t apply to China’s state holdings of US Treasuries.

Communicated verbally to some of the nation’s biggest banks in recent weeks, the guidance reflects growing wariness among officials that large holdings of US government debt may expose banks to sharp swings, the people said. The worries echo those made by governments and fund managers elsewhere amid a brewing debate over the safe haven status of US debt and the appeal of the dollar.

The move was framed around diversifying market risk rather than anything to do with geopolitical maneuvering or a fundamental loss of confidence in US creditworthiness, the people said, adding that officials didn’t given any specific target on size or timing. While significant tensions remain between Beijing and Washington, relations have steadied in the wake of a trade truce last year.

Donald Trump, who held a phone call with Xi Jinping last week, plans to meet the Chinese leader at a presidential summit in Beijing as soon as April. The regulatory guidance to Chinese banks on Treasuries came before last week’s call, the people said.

Chinese banks held about $298 billion worth of dollar-denominated bonds as of September, according data from the State Administration of Foreign Exchange. It’s unclear how much of those were Treasuries.

The People’s Bank of China and the National Financial Regulatory Administration didn’t immediately respond to requests for comment.

China’s caution comes as global investors increasingly question Washington’s fiscal discipline. Concerns have mounted regarding Trump’s commitment to a strong dollar and the continued independence of the Federal Reserve.

Last month, a Deutsche Bank AG analyst warned that money managers in Europe could choose to trim their holdings in response to Trump’s threats on tariffs and the proposed acquisition of Greenland.

Trump indicated in late January that he’s comfortable with the dollar’s recent decline, which helped send the currency to its lowest level since early 2022. Lower interest rates and concerns over mounting fiscal risks have also played a part.



Still, US Treasury Secretary Scott Bessent said last week that “despite the popular narrative,” the Treasuries market last year delivered its best performance since 2020 and saw record foreign demand at auctions.

After a brief selloff around Trump’s tariff announcement last April, Treasuries have outperformed most of their peers in developed markets as the Federal Reserve’s interest-rate cuts pushed yields lower.

Even as some investors talked about “quiet quitting” or selling America, there’s little sign of panic in the market over a wave of Treasuries sales by foreigners or a widespread loss of confidence in the traditional safe haven asset. A measure of Treasury volatility, for instance, has fallen to a five-year low.

Foreign holdings of US Treasuries rose to a record $9.4 trillion in November, more than $500 billion higher than a year earlier, according to the latest official data.



China’s overall state and private sector holdings of US Treasuries have consistently declined over the past decade. Once the world’s largest creditor to the US, China was overtaken by Japan in 2019 and by the UK last year. The Asian nation’s stockpile has almost halved since a peak in 2013, dropping to $683 billion in November, the lowest since 2008.

Some analysts say the actual decline may be smaller, as Beijing may have shifted some of its holdings to custodian accounts in Europe. Belgium — whose holdings include Chinese custodial accounts, according to market analysts — has seen its Treasury holdings quadruple since the end of 2017 to $481 billion.



Global markets have experienced sharp moves this year, with gold surging then seeing its biggest decline in four decades, Japan’s government bond market suffering a $41 billion meltdown and the dollar and yen fluctuating wildly.