US July TIC flows -$7.3B vs +$7.7B prior

TIC flows
– Prior +$7.7B revised to +$5.9B
– Long-term TIC flows +$1.3B vs +$34.4B prior
– China’s holdings of Treasuries rise for the sixth consecutive month
Asset flows in a month-to-month view don’t tell you much. It’s how they shift over years that paints the picture, but it’s only possible to make sense of by looking over a