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American Investment in Chinese Renminbi

Author

Listed:
  • Bruno Cavani
  • Christopher Clayton
  • Amanda Dos Santos
  • Matteo Maggiori
  • Jesse Schreger

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.

Suggested Citation

  • Bruno Cavani & Christopher Clayton & Amanda Dos Santos & Matteo Maggiori & Jesse Schreger, 2026. "American Investment in Chinese Renminbi," AEA Papers and Proceedings, American Economic Association, vol. 116, pages 41-46, May.
    • Handle: RePEc:aea:apandp:v:116:y:2026:p:41-46
    DOI: 10.1257/pandp.20261038
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    More about this item

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • P34 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Finance

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