Hong Kong's Share of Foreign-Held U.S. Treasuries

## What this measures

The share of all foreign-held U.S. Treasury securities held by residents of Hong Kong, in percent, at the end of each month. Palanor divides Hong Kong's holdings by the Grand Total of Treasury's Major Foreign Holders table.

## Why it matters

The level in dollars grows with the debt. The share shows whether Hong Kong is gaining or losing weight among the foreign holders.

## How to read it

Percent of the foreign total. A falling share with a steady level means other foreign holders are buying faster.

## What it does not say

TIC records who holds the securities as reported by U.S. custodians and broker-dealers. Treasuries held in a custody account in another country are credited to that country, so financial centres (Belgium, Luxembourg, the Cayman Islands, the United Kingdom, Switzerland) hold much that belongs to investors elsewhere. Annual benchmark surveys re-base the series, which can move a country's level in a single month.

## Source

U.S. Department of the Treasury and Federal Reserve Board, Treasury International Capital (TIC) system: "Major Foreign Holders of Treasury Securities" (ticdata.treasury.gov, slt_table5.txt for the latest 13 months, mfhhis01.txt for history back to March 2000). U.S. Government work, public domain. Palanor re-reads both files on every run, because Treasury revises past years when it benchmarks the series.