Entries in U.S. Treasury Department (2)


US Treasury Department: More US Bonds for China

Getty/George Doyle/Thinkstock(BEIJING) -- A day before Vice President Biden arrives in Beijing, new data from the U.S. Treasury Department shows that in June, despite the prolonged debate over the debt ceiling, China bought another $5.7 billion in U.S. Treasury bonds. Beijing now has more than $1.17 trillion in holdings.

Japan, on the other hand, cut its holdings in June by $1.4 billion to $911 billion, while Hong Kong, which is counted apart from China, also reduced its holdings by $3.5 billion to $118.4 billion in June.  

This, however, was before S&P downgraded the U.S. credit rating earlier this month, a move that has many Chinese analysts concerned and urging China to diversify its holdings.

So one of Biden’s main goals in this week's Asia trip, besides getting to know future Chinese leader-in-waiting Xi Jinping, is to convince the Chinese that the U.S. remains a safe bet. Biden is expected to arrive Wednesday evening Beijing time.

Copyright 2011 ABC News Radio


New Sanctions Against Iran Shipping Line’s Front Companies, Officers

Photo Courtesy -- Treasury Dept.(WASHINGTON) – The U.S. Treasury Department has announced sanctions against more entities affiliated with Iran’s shipping line or Bank Mellat, both of which have been tied to the country’s weapons of mass destruction programs.

The department on Tuesday named five corporate officers and 10 businesses they say are tied to either the Islamic Republic of Iran Shipping Lines or Bank Mellat, both of which are under sanction.

“As long as Iran uses front companies, cut-outs and other forms of deception to hide its illicit activities, we intend to expose this conduct and thereby counteract Iran's attempts to evade U.S. and international sanctions,” said Under Secretary for Terrorism and Financial Intelligence Stuart Levey. 

Among those named by the department were Malaysia-based Pearl Energy Company and its director, as well as four top IRISL executives and eight IRISL front companies located on the Isle of Man. 

These and similar sanctions have been made in an attempt to cut off financial support to WMD proliferators.

Copyright 2010 ABC News Radio

ABC News Radio