Cavani, Bruno; Clayton, Christopher; Santos, Amanda dos; … - National Bureau of Economic Research - 2026
This paper uses microdata on U.S. mutual fund and ETF portfolios from SEC Form NPORT 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...