The winners and losers in the US-China economic war

Decoupling gathers pace What is clear is that the broader economic battle between the US and China still has a long way to play out and will take various forms. Decoupling is happening in financial markets, Chinese holdings of US treasury securities are in freefall, dropping from $US1.3 trillion in 2014 to just over $US750 billion ($1.1 trillion) at present, according to Deutsche Bank's latest analysis of Federal Reserve data. China's overall net purchases of US assets, including US treasury securities, corporate bonds and corporate stocks, have declined in the past six months. On the trade front, China's share of…