美国财政部报告称外国投资主要在美国证券上，但这个数据可能是保守估计了中国的隐藏数据，因为中国还通过非美元的中介购买美元资产。

America's Treasury reports on foreigners' investments in American securities, but these figures may understate China's stash because China buys some dollar assets though non-American intermediaries.

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