American Investment in Chinese Renminbi

Bruno Cavani, Christopher Clayton, Amanda Dos Santos, Matteo Maggiori and Jesse Schreger

No 34792, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: 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 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 international currency use.

JEL-codes: F3 (search for similar items in EconPapers)
Date: 2026-02
Note: AP IFM
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