Foreigners did not seem too enthused by US Treasuries in June, according to data on Monday that underlined a recurring theme of recent months – fears that China’s revaluation and a more general trend towards diversification might mark a turning point in Asian central bank buying of US assets.
The Treasury’s monthly portfolio flow data showed overseas investors bought a net $7.9bn of US Treasuries, the lowest level since September 2003.
A bad sign. A very bad sign.
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