Visitors walk along souvenir stores at the Qianmen shopping street with lantern decorations in Beijing.

Photograph: AP

Feb 12th 2026|3 min read

FOR DECADES Americans have fretted that China might dump its vast holdings of Treasuries, undermining the dollar. Global investors therefore snapped to attention when Bloomberg, a news agency, reported on February 9th that China’s regulators have warned commercial banks against holding too many American government bonds. Some banks have been told to cut their exposure. In response to the news, the dollar fell against China’s yuan and Treasury prices wobbled.

Signage for Mizuho Bank Ltd., a unit of Mizuho Financial Group Inc. (MHFG), at one of the bank's branches in Tokyo, Japan.

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