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4/18/23, 9:17 AM

Treasury International Capital Data for February | U.S. Department of the Treasury

U.S. DEPARTMENT OF THE TREASURY
Treasury International Capital Data for February
April 17, 2023

Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for
February 2023. The next release, which will report on data for March 2023, is scheduled for May 15, 2023.
The sum total in February of all net foreign acquisitions of long-term securities, short-term U.S. securities, and
banking flows was a net TIC inflow of $28.0 billion. Of this, net foreign private outflows were $37.4 billion, and net
foreign official inflows were $65.5 billion.
Foreign residents increased their holdings of long-term U.S. securities in February; net purchases were $63.6 billion.
Net purchases by private foreign investors were $9.4 billion, while net purchases by foreign official institutions were
$54.2 billion.
U.S. residents decreased their holdings of long-term foreign securities, with net sales of $7.4 billion.
Taking into account transactions in both foreign and U.S. securities, net foreign purchases of long-term securities
were $71.0 billion. After including adjustments, such as estimated foreign portfolio acquisitions of U.S. stocks
through stock swaps, overall net foreign purchases of long-term securities are estimated to have been $72.2 billion in
February.
Foreign residents increased their holdings of U.S. Treasury bills by $25.5 billion. Foreign resident holdings of all
dollar-denominated short-term U.S. securities and other custody liabilities decreased by $32.5 billion.
Banks’ own net dollar-denominated liabilities to foreign residents decreased by $11.6 billion.
Complete data are available on the Treasury website at:
https://home.treasury.gov/data/treasury-international-capital-tic-system

ABOUT TIC DATA
The monthly data on holdings of long-term securities, as well as the monthly table on Major Foreign Holders of
Treasury Securities, reflect foreign holdings of U.S. securities collected primarily on the basis of custodial data.
These data help provide a window into foreign ownership of U.S. securities, but they cannot attribute holdings of
U.S. securities with complete accuracy. For example, if a U.S. Treasury security purchased by a foreign resident is
held in a custodial account in a third country, the true ownership of the security will not be reflected in the data. The
custodial data will also not properly attribute U.S. Treasury securities managed by foreign private portfolio managers
who invest on behalf of residents of other countries. In addition, foreign countries may hold dollars and other U.S.
assets that are not captured in the TIC data. For these reasons, it is difficult to draw precise conclusions from TIC
data about changes in the foreign holdings of U.S. financial assets by individual countries.

ANNOUNCEMENT OF NEW DATA ON CROSS -BORDER TRANSACTIONS IN
LONG-TERM SECURITIES
https://home.treasury.gov/news/press-releases/jy1420

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Treasury International Capital Data for February | U.S. Department of the Treasury

As described in last month’s press release, starting today, the Treasury International Capital (TIC) system is revising
some reporting procedures and changing some file names and file formats on its website,
https://home.treasury.gov/data/treasury-international-capital-tic-system
There is no change to the format of the monthly TIC press release. However, changes to underlying sources of data
on cross-border purchases and sales of long-term securities constitute a series break, starting with data for February
2023.
For changes to TIC data on long-term securities, see the notice dated April 17 on the web page listed above. TIC
reporting and file formats on banking claims and liabilities, derivatives, and claims and liabilities of nonfinancial
firms remain unchanged.
Press Notice TIC for April 2023

TIC MONTHLY REPORTS ON CROSS -BORDER FINANCIAL FLOWS
(Billions of dollars, not seasonally adjusted)
12 Months Through
2021

2022

Feb-22

Feb-23

Nov

Dec

Jan

Feb

Foreigners' Acquisitions of Long-Term Securities

1

Gross U.S. Sales of Domestic U.S. Securities

63678.0 62141.2

65427.9

59766.3

4839.0

4421.3

4486.2

4646.0

2

Gross U.S. Purchases of Domestic U.S. Securities

63085.9 61146.5

64713.5

58825.1

4698.4

4318.0

4454.4

4582.4

3

Domestic Securities, net U.S. sales (line 1 less line 2) /1

4

Private, net /2

592.0

994.7

714.4

941.1

140.6

103.3

31.7

63.6

244.4

898.8

385.4

896.7

146.8

96.2

79.4

9.4

5

Treasury Bonds & Notes, net

129.6

927.3

394.7

878.1

67.2

22.4

97.1

7.6

6

Gov't Agency Bonds, net

-45.2

60.3

-69.6

86.9

13.8

8.6

1.4

11.2

7

Corporate Bonds, net

108.2

121.8

100.8

109.6

19.1

11.7

1.0

7.1

8

Equities, net

51.7

-210.6

-40.5

-177.9

46.7

53.5

-20.1

-16.5

-95.7

-106.5

-81.5

-118.3

-16.7

-3.3

-57.3

54.2

9

Official, net /3

10

Treasury Bonds & Notes, net

-47.4

-173.3

-45.1

-170.5

-13.0

-2.4

-46.1

48.0

11

Gov't Agency Bonds, net

-52.3

66.3

-32.6

53.5

-0.3

-3.0

-3.0

3.0

12

Corporate Bonds, net

7.9

16.6

9.7

12.4

0.4

0.6

-0.7

-0.1

13

Equities, net

-3.9

-16.2

-13.5

-13.7

-3.8

1.5

-7.5

3.2

14

Gross U.S. Sales of Foreign Securities

26581.1 26835.5

26324.3

26568.2

2434.3

2150.6

2471.3

1188.6

15

Gross U.S. Purchases of Foreign Securities

26266.7 26509.0

26023.8

26288.9

2403.4

2101.1

2471.1

1181.2

https://home.treasury.gov/news/press-releases/jy1420

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Treasury International Capital Data for February | U.S. Department of the Treasury

Foreign Securities, net U.S. sales (line 14 less line 15) /4

314.5

326.5

300.5

279.3

30.9

49.5

0.1

7.4

17

Foreign Bonds Purchased, net

368.7

281.6

383.9

246.6

28.6

29.6

8.1

15.3

18

Foreign Equities Purchased, net

-54.2

44.9

-83.5

32.8

2.3

19.8

-8.0

-8.0

906.5

1321.2

1014.8

1220.5

171.5

152.8

31.9

71.0

-436.4

-152.6

-364.7

-150.5

-6.1

-10.4

-9.6

1.2

470.1

1168.6

650.2

1070.0

165.4

142.4

22.3

72.2

168.4

194.3

292.9

31.9

-1.0

58.7

-4.5

-32.5

19

Net Long-Term Securities Transactions (lines 3 and 16):

20

Other Acquisitions of Long-Term Securities, net /5

21

Net Foreign Acquisition of Long-Term Securities
(lines 19 and 20):

22

Increase in Foreign Holdings of Dollar-Denominated Short-Term
U.S. Securities and Other Custody Liabilities: /6

23

U.S. Treasury Bills

-39.9

-37.4

-10.7

-59.0

4.7

44.1

-9.7

25.5

24

Private, net

73.4

-28.5

117.1

-37.6

-8.7

22.5

-20.6

18.2

25

Official, net

-113.3

-8.9

-127.9

-21.4

13.3

21.6

10.9

7.3

208.3

231.7

303.7

90.9

-5.7

14.6

5.3

-58.1

26

Other Negotiable Instruments
and Selected Other Liabilities: /7

27

Private, net

220.3

231.0

297.4

95.4

-5.2

18.5

-0.5

-53.6

28

Official, net

-12.0

0.6

6.3

-4.5

-0.5

-3.8

5.7

-4.5

468.0

242.2

428.9

285.4

49.0

-174.4

165.4

-11.6

1106.5

1605.1

1372.0

1387.3

213.4

26.7

183.2

28.0

29

Change in Banks' Own Net Dollar-Denominated Liabilities

30 Monthly Net TIC Flows (lines 21, 22, and 29) /8
of which
31

Private, net

1266.3

1675.0

1580.5

1391.4

212.8

38.0

171.4

-37.4

32

Official, net

-159.8

-70.0

-208.5

-4.1

0.6

-11.3

11.9

65.5

/1

Net U.S. sales = Net foreign purchases of U.S. securities (+).

/2

Includes international and regional organizations.

/3

The reported division of net U.S. sales of long-term securities between net sales to foreign official institutions and net sales
to other foreign investors is subject to a "transaction bias" described in Frequently Asked Questions 7 and 10.a.4 on the TIC
website.

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Net transactions in foreign securities by U.S. residents. Foreign purchases of foreign securities = U.S. sales of foreign securities to foreigners.

https://home.treasury.gov/news/press-releases/jy1420

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Treasury International Capital Data for February | U.S. Department of the Treasury

Thus negative entries indicate net U.S. purchases of foreign securities, or an outflow of capital from the United States; positive
entries
indicate net U.S. sales of foreign securities.
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Minus estimated unrecorded principal repayments to foreigners on domestic corporate and agency asset-backed securities (zero after Jan. 2023)
+
estimated foreign acquisitions of U.S. equity through stock swaps - estimated U.S. acquisitions of foreign equity through stock swaps +
increase in nonmarketable Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries.

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These are primarily data on monthly changes in banks' and broker/dealers' custody liabilities. Data on custody claims are collected
quarterly and published in the TIC website.

/7
/8

"Selected Other Liabilities" are primarily the foreign liabilities of U.S. customers that are managed by U.S. banks or broker/dealers.
TIC data cover most components of international financial flows, but do not include data on direct investment flows, which are
collected
and published by the Department of Commerce's Bureau of Economic Analysis. In addition to the monthly data summarized here,
the
TIC collects quarterly data on some banking and nonbanking assets and liabilities. Frequently Asked Question 1 on the TIC website
describes the scope of TIC data collection.

https://home.treasury.gov/news/press-releases/jy1420

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