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"The body that manages China's currency reserves has set up an operation in New York to invest in private equity, real estate and other assets as it steps up its diversification away from U.S. government bonds, the Wall Street Journal reported late Monday...."

http://finance.yahoo.com/news/treasurys-falling-favor-china-...
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I've done similar. The only US government bonds I still own are some old I-bonds with a very attractive fixed rate portion and some TIPS from a few years ago with a decent fixed rate portion. And I can't remember the last time I purchased a bill.
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