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China cuts holdings of US debt after ratings downgrade
China has reduced its holdings of US debt to their lowest level in a year, after the US's credit rating was downgraded by Standard & Poor's (S&P). China sold $36.5bn (£23.2bn) in US Treasuries or bonds to cut its holding to $1,137bn in August, latest data by the US Treasury department showed. In August, S&P cut the US's credit rating to double A+ from triple A over concerns about budget deficits. China is the largest foreign buyer of US government debt. Other countries in the region such as Hong Kong, Taiwan and Singapore also reduced their holdings of US Treasuries in August. "These players are sitting on large ... (full story)
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