Bond Analysts Debate If China Had Role in Treasuries Swings

After a week of wild swings in the US bond market, China’s holdings of Treasuries are increasingly under scrutiny from analysts around the world.

Some have gone as far as suggesting — without hard evidence — that sales by Beijing may have helped fuel the biggestsurge in 30-year yields since the pandemic and subsequent volatility. Others debate whether China might turn to dumping US debt in the future as a response to the steepest American tariffs in a century.

“China may be selling Treasuries in retaliation,” wrote Ataru Okumura, a senior interest-rate strategist at SMBC Nikko Securities in ...