China bumps up U.S. debt ownership to record $1.317T

China stepped up its purchases of U.S. government debt late last year, increasing its holdings to an all-time record of $1.317 trillion in November, government data released this week revealed.

Fox News reports the figure beats China's previous record high of $1.315 trillion held set in July 2011.

The next closest foreign holder of U.S. debt is Japan, which increased its holdings to $1.186 trillion from $1.174 trillion in October.

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