Foreign holdings of US Treasuries hit record high in March

Total foreign holdings of US Treasury securities rose to a new high in March, indicating strong international demand for US government debt amid the simmering eurozone debt crisis, the US Treasury Department reported on Wednesday.

In March, overall foreign holdings of US Treasury securities reached 5.7584 trillion US dollars, up from the revised 5.7188 trillion dollars in February. It was the fifteenth consecutive monthly increase.

According to the Treasury International capital report, China, the largest foreign holder of US Treasury securities, trimmed its holdings from 1.2519 trillion dollars in February to 1.2505 trillion dollars in March.

The strong demand of US government debt is key to funding its mounting budget deficit. The US federal government's budget deficit has topped 1 trillion dollars for four consecutive years by 2012.

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