Strange things are afoot in Belgium. Since Jun. 2013, the country of 11 million has doubled its holdings of US Treasury securities. This buying has overlapped with the 541 days during which Belgium lacked an elected government.
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Who might that buyer be? Some suspect a Russian bid (paywall) to dodge the risk of its US Treasury holdings being frozen in future sanctions. Later in the paper, they note that recent gaps between China’s recorded Treasury holdings and its purchases suggest “custodial shifts,” meaning that China is no longer placing orders through a US-based office, and is instead using an office abroad.