China expanded its US Treasury holdings in February despite escalating trade tension between Beijing and Washington at the time, helping damp concerns the country could shed US assets to hit back at the Trump administration.
China, the single biggest foreign holder of US government debt, added $8.5bn to its Treasury holdings in February, taking its total to $1.18tn, according to data released by the US Treasury on Monday.
Although investors first grew fearful that the US could end up in a trade war after President Donald Trump slapped tariffs on imported aluminium and steel on March 1, the first hint that action was coming arrived in mid-February when the Commerce Department recommended the White House impose controls or tariffs.
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