China's US Treasury holdings hit $1.1tn

China’s holdings of US Treasuries climbed to the highest level since the country ceded its status as America’s largest creditor nation to Japan last year, the Financial Times reports. China’s ownership of US government bills, notes and bonds rose by $10bn from a month prior to $1.1tn in May, according to new figures released by the Treasury Department in Washington on Tuesday. The figure nonetheless remains more than $140bn below year ago levels. The rise helped close the gap with Japan as the largest US creditor to $9.1bn, its lowest since September 2016. Total foreign reserves held by China have climbed for five consecutive months and in June touched their highest level since last October. Data from the People’s Bank of China showed reserves increased to $3.056tn last month, up more than $3bn from May. The country’s reserves have been closely scrutinized after the renminbi weakened last year.