Canada is becoming one of the largest foreign holders of U.S. Treasury securities, and a report from October 17 suggests it could overtake China to become one of the three largest foreign holders before 2028. U.S. Treasury data show Canadian-held Treasuries reached US$464.6 billion in August 2026, up from US$426.3 billion in July, while China's holdings fell to US$590.7 billion from US$618 billion, a gap of about US$126.1 billion. Japan and the United Kingdom remain the two largest holders. However, the figures reflect securities held through Canadian custody accounts, not necessarily by Canadian investors, and there is no conclusive evidence on how much of Canada's total is beneficially owned by Chinese entities. The article stresses that these holdings do not mean the Canadian government is directly lending hundreds of billions of dollars to Washington.
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