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The US does not specifically borrow from China. What happens is that after approval by Congress, the Treasury Department offers bonds for sale and foreigners are allowed to buy them if they wish. They are sold at auction. The president has nothing to do with who buys the bonds. Bonds can also be resold and transferred to new owners. Therefore, it is hard to know who owns them or when the first Chinese national bought a US bond. However, it is known that until 1972 or so, foreigners owned less that 5% of US treasury bonds, so Nixon would be a reasonable guess as the first president who started "borrowing" from China.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoThe presidents does not directly sell bonds to anybody. The US treasury , at the direction of Congress, offers bonds for sale from time to time to the highest (in terms of interest rates) bidders. It is hard to know whether the bidders are Chinese. However, relations with (Red) China were not established until Nixon was President so it is unlikely that the Chinese bought US bonds before Nixon.
Wiki User
∙ 12y agonixon
Wiki User
∙ 11y agoNixon
Mark Pikus
BUSH
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