AEA Papers and Proceedings
ISSN 2574-0768 (Print) | ISSN 2574-0776 (Online)
American Investment in Chinese Renminbi
AEA Papers and Proceedings
(pp. 41–46)
Abstract
This paper uses microdata on US 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, US 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 US institutional investors and illustrate how publicly available microdata can inform work on the geopolitics of international currency use.Citation
Cavani, Bruno, Christopher Clayton, Amanda Dos Santos, Matteo Maggiori, and Jesse Schreger. 2026. "American Investment in Chinese Renminbi." AEA Papers and Proceedings 116: 41–46. DOI: 10.1257/pandp.20261038Additional Materials
JEL Classification
- F31 Foreign Exchange
- F34 International Lending and Debt Problems
- G15 International Financial Markets
- G23 Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors
- O16 Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
- P34 Socialist Institutions and Their Transitions: Financial Economics