China losses its crown as number 1 foreign creditor of US!!!

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China losses its crown as number 1 foreign creditor of US!!!

For a long time, China has been the number one creditor of the United States of America. It reported that China has been dumping U.S government debt in order to prop up her currency. The dollars received from selling US Treasuries are used to purchase the yuan.

Japan is now officially the largest overseas creditor to the US. According to the US Treasury, the US owes China $1.12 which is lower than $1.13 trillion that the US owes Japan.

The willingness of China to loan US money has been under debate in the recent years. China has been the largest foreign creditor since 2008.  This status was giving Beijing a leverage over the United States. President-elect, Donald Trump thinks the otherwise. He believes that the situations gives US a lot of power over the People’s Republic of China.

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Geoffrey Kerosi is a prolific Kenyan writer based in Nairobi City. He holds a Bachelors in Economics and Statistics and is currently pursuing Masters in Public Policy and Administration (MPPA) from Kenyatta University. Email: Whatsapp: +254713 639 776 YouTube: Kerosi TV

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