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Market Extra: How the yuan’s return to stability helped China become the largest holder of Treasurys

China’s efforts to stabilize its currency are finally looking to pay off.

The yuan’s USDCNY, -0.0105% strengthening against the dollar in the past three months has helped nudge China, the world’s second-largest economy, to reclaim its spot as top holder of Treasurys in June after an eight-month hiatus, relegating Japan to second place. The dollar bought 6.68 yuan on Wednesday trade after having hovered at levels of 6.90 yuan back in May.

China’s holdings of U.S. government paper rose to $1.147 trillion in June, up more than $44 billion from the previous month. Meanwhile, Japan’s holdings slipped $20.5 billion to $1.09 trillion, according to data from the Treasury International Capitol system on Tuesday.

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