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Introducing New Valuation Change Data for U.S. Cross-Border Portfolio Holdings, Accessible Data

Figure 1: Decomposition of the Change in Foreign Holdings of Long-Term Treasuries

February 2023 through January 2024

Billions of dollars

Date Holdings change S&P Treasury bond index (percent change) Net U.S. sales Other change Valuation change
2/28/2023 -82.629 -1.978271445 77.418 -48.046 -112.001
3/31/2023 231.601 2.561739336 56.163 39.815 135.643
4/30/2023 62.267 0.504619922 105.166 -43.038 0.139
5/31/2023 -37.246 -0.965197854 30.398 0.371 -68.011
6/30/2023 37.216 -0.58105887 63.084 21.45 -47.318
7/31/2023 4.207 -0.235179062 0.857 15.114 -11.764
8/31/2023 4.42 -0.37810713 20.776 22.655 -39.011
9/30/2023 -121.961 -1.818054026 2.144 -24.892 -99.213
10/31/2023 -13.607 -0.956880712 26.552 27.76 -67.984
11/30/2023 214.18 3.02124994 72.405 -5.572 147.347
12/31/2023 114.366 2.939663237 27.204 -54.73 141.892
1/31/2024 32.429 -0.617943067 46.296 -5.378 -8.488

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Figure 2: Changes in Major Foreign Holdings of U.S. Long-Term Treasuries, May 2023

Billions of dollars

Asset Country Holdings change Net U.S. sales Other change Valuation change
Treasuries All other countries -3.12860179 16.99502296 -9.31548833 -10.80713642
Treasuries Belgium 3.2165024 -5.5778576 11.2299648 -2.4356048
Treasuries Bermuda -1.189 0.233 -0.96 -0.462
Treasuries Brazil 0.548 2.51 0.015 -1.977
Treasuries Canada 16.568 15.486 1.882 -0.8
Treasuries Cayman Islands -2.601 -2.817 1.88 -1.664
Treasuries China -22.594 -13.671 3.386 -12.309
Treasuries France -3.63411709 -7.78300984 6.03979857 -1.88790582
Treasuries Germany 1.24612979 0.49030504 1.04274433 -0.28691958
Treasuries Hong Kong 1.454 3.294 0.548 -2.388
Treasuries India 0.606 2.182 -0.072 -1.504
Treasuries Ireland -5.52089987 -1.86066312 -0.52701649 -3.13322026
Treasuries Japan -22.435 -8.035 -1.324 -13.076
Treasuries Luxembourg -2.80201344 1.74320256 -3.66700288 -0.87821312
Treasuries Norway -0.839 -0.282 -0.026 -0.531
Treasuries Saudi Arabia -0.99 0.676 -0.652 -1.014
Treasuries Singapore 2.445 1.834 2.867 -2.256
Treasuries South Korea 4.746 5.899 -0.282 -0.871
Treasuries Switzerland 10.861 16.202 -3.197 -2.144
Treasuries Taiwan -2.45 0.851 -0.013 -3.288
Treasuries United Kingdom -10.753 2.029 -8.484 -4.298

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Figure 3: Foreign Holdings Change of U.S. Securities, February 2023 to January 2024

Billions of dollars

Asset Holdings change Net U.S. sales Other change Valuation change
Agencies 78.695 161.969 -33.287 -49.961
Treasuries 445.243 528.463 -54.491 -28.769
U.S. equity 2152.654 92.372 134.76 1929.82
U.S. corporate bonds 396.704 321.139 27.914 50.669

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Figure 4: U.S. Holdings Change of Foreign Securities, February 2023 to January 2024

Billions of dollars

Asset Holdings change Net U.S. sales Other change Valuation change
Foreign equity 437.299 -18.696 9.097 462.519
Foreign corporate bonds 29.639 95.843 -102.493 29.904
Foreign government bonds 4.66 35.469 -34.178 4.06

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Figure 5: RMSE of Valuation Change in Equity, February 2023 to January 2024

Billions of dollars

Security RMSE
U.S. equities held by Cayman Islands 37.56300582
Cayman Islands equities 34.50754275
Ireland equities 26.63965945
U.S. equities held by United Kingdom 13.75155741
United Kingdom equities 12.40665876
Canada equities 10.81478897
U.S. equities held by Canada 9.930141386
Netherlands equities 8.46277903
China, Mainland equities 8.069438899
Japan equities 7.958417481

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Figure 6: Cumulative Valuation Change of Equities, February 2023 to January 2024

Billions of dollars

Security Estimated Reported
U.S. equity 2405.903323 1929.82
Foreign equity 616.124516 462.519

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Figure 7: Cumulative Valuation Change for Bonds, February 2023 to January 2024

Billions of dollars

Security Estimated Reported
Agencies -32.43 -49.96
U.S. corporate bonds 21.03 50.67
Treasuries -12.31 -28.77
Foreign corporate bonds 15.89 29.90
U.S. government bonds 5.05 4.06

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Last Update: April 18, 2024