Reuters
- China is not dumping its stockpile of US bonds, Brad Setser, a former Treasury official, wrote.
- A large part of China's holdings is not accounted for in official US data, he said.
- While it has sold some Treasurys, Beijing has bought up US debt in the form of agency bonds.
China isn't fueling the bond-market rout with a large sale of its Treasury holdings but is instead reshuffling its US debt assets, Brad Setser, a former Treasury official, wrote for the Council on Foreign Relations.
After US Treasury yields surged to highs not seen in 16 years, economists have looked for explanations for what is now one of the worst market crashes in history.