March 9, 2010 / 2:03 AM / 10 years ago

U.S. Treasuries are key market for China -official

BEIJING, March 9 (Reuters) - U.S. Treasuries are a key market for China in investing its foreign exchange reserves, a senior official said on Tuesday.

Yi Gang, head of the State Administration of Foreign Exchange, said that China buys and sells U.S. government debt every day and that he hoped China’s holdings of Treasuries did not become politicised.

A decline in China’s holdings of Treasuries has fuelled some speculation that Beijing was deliberately cutting its holdings of U.S. debt because of political tensions, but many economists said the drop just reflected the maturing of a large volume of short-term debt acquired by China at the height of the global financial crisis. (Reporting by Zhou Xin and Simon Rabinovitch; Editing by Ken Wills)

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