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China's US treasury holdings in June this year fell by $24 billion to $843.7 billion, according to a statement released by the country's treasury department.

August 17, 2010 (Hamsayeh.Net) - For a second straight month the central bank of China reduced its US treasury holdings due to economic uncertainties gripping the United States. US treasury holdings fell by $24 billion to $843.7 billion, according to a statement released by China’s treasury department.

China is world’s largest holder of US treasury bonds, its total holdings including other assets amount to $4 trillion an increase of $45.6 billion from a month earlier. One of China’s main concern is US’ massive debt of nearly $14 trillion incurred over span of several years.

Economically the United States is sinking deeper into record level unemployment, foreclosures, lack of consumer confidence and budget deficit. Despite near zero percent official interest rate, there are insufficient borrowings by businesses across the country thus blocking effort to spur stronger economy.

Leading analysts warn Chinese growing skepticism over the health of US economy could lead to a rapid dumping of US holdings that might cause a chain reaction on global scale.

Meanwhile, China has officially informed Washington that it would seek to diversify its assets, a process that has already begun by acquisition of energy and other natural resources worldwide particularly in Latin America and Africa.

The world's most indebted nation, the United States is facing years of economic crises looming over the horizon..

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