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American Investment in Chinese Renminbi

Author

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

    (Stanford University)

  • Schreger, Jesse

Abstract

This paper uses microdata on U.S. 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, U.S. 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 U.S. institutional investors and illustrate how publicly available microdata can inform work on the geopolitics of international currency use.

Suggested Citation

  • Cavani, Bruno & Clayton, Christopher & Dos Santos, Amanda & Maggiori, Matteo & Schreger, Jesse, 2026. "American Investment in Chinese Renminbi," SocArXiv anxmr_v1, Center for Open Science.
    • Handle: RePEc:osf:socarx:anxmr_v1
    DOI: 10.31219/osf.io/anxmr_v1
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