How much us owes china 2011

You are reading your last free article for this month. Subscribe for unlimited access. Create an account to read 2 more. Reinhart, and Christoph Trebesch. Read more on Economics or related topics Financial markets and Emerging markets. His research projects focus on international capital flows, sovereign debt and financial history.

Carmen M. Reinhart is the Minos A. Zombanakis professor of the international financial system at Harvard Kennedy School. She was senior policy adviser and deputy director at the International Monetary Fund and held positions as chief economist and vice president at the investment bank Bear Stearns.

Her book with Kenneth S. Rogoff entitled This Time is Different: Eight Centuries of Financial Folly documents the striking similarities of the recurring booms and busts that have characterized financial history.

It has been translated to over 20 languages and won the Paul A. Samuelson Award. Christoph Trebesch is professor of macroeconomics at the Kiel Institute for the World Economy and a member of the scientific advisory board of the German Ministry of Finance. He has published in leading academic journals, and his work has been regularly covered in the international media.

Currently, his research projects focus on sovereign debt, international finance, and the economics of populism. However, they need renminbi—the official currency of the People's Republic of China—to pay their workers and accumulate money locally. In a vicious cycle, they sell the U. It buys available excess U.

The PBOC can print renminbi as needed. This drives China to accumulate U. China must maintain its export-led growth to generate the number of jobs needed to keep its massive population productively engaged.

The resulting loss of export business would lead to a major unemployment crisis in China. According to the Federal Reserve and U. Department of the Treasury, foreign countries held a total of 7. Treasury securities as of March Of the total 7. China held 1. Japan held 1. Other foreign holders included oil-exporting countries and Caribbean banking centers.

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