China’s foreign exchange reserves, the bulk of which are held in US dollars, rose by US$20.7 billion in December. Steven Mnuchin, US Treasury secretary, and his wife Louise Linton pose with a 2017 50 subject uncut sheet of US$1 dollar notes. Photo: Bloomberg China’s foreign exchange reserves, the bulk of which are held in US dollars, rose by US$20.7 billion in December. Steven Mnuchin, US Treasury secretary, and his wife Louise Linton pose with a 2017 50 subject uncut sheet of US$1 dollar notes. Photo: Bloomberg
China’s foreign exchange reserves, the bulk of which are held in US dollars, rose by US$20.7 billion in December. Steven Mnuchin, US Treasury secretary, and his wife Louise Linton pose with a 2017 50 subject uncut sheet of US$1 dollar notes. Photo: Bloomberg
Neal Kimberley
Opinion

Opinion

Macroscope by Neal Kimberley

China’s brinkmanship over dumping US Treasuries is bound to backfire

Beijing should resist any temptation to link its policy on purchasing US Treasuries to its trade differences with the US

China’s foreign exchange reserves, the bulk of which are held in US dollars, rose by US$20.7 billion in December. Steven Mnuchin, US Treasury secretary, and his wife Louise Linton pose with a 2017 50 subject uncut sheet of US$1 dollar notes. Photo: Bloomberg China’s foreign exchange reserves, the bulk of which are held in US dollars, rose by US$20.7 billion in December. Steven Mnuchin, US Treasury secretary, and his wife Louise Linton pose with a 2017 50 subject uncut sheet of US$1 dollar notes. Photo: Bloomberg
China’s foreign exchange reserves, the bulk of which are held in US dollars, rose by US$20.7 billion in December. Steven Mnuchin, US Treasury secretary, and his wife Louise Linton pose with a 2017 50 subject uncut sheet of US$1 dollar notes. Photo: Bloomberg
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Neal Kimberley

Neal Kimberley

UK-based Neal Kimberley has been active in the financial markets since 1985. Having worked in sales and trading in the dealing rooms of major banks in London for many years, he moved to ThomsonReuters in 2009 to provide market analysis. He has been contributing to the Post since 2015 and writes about macroeconomics from a market perspective, with a particular emphasis on currencies and interest rates.