The Globe and Mail reports in its Saturday edition that Canada has quietly become one of the United States' biggest creditors, with the country on track to surpass China as a top-three holder of U.S. government debt, along with Belgium, before 2028. The Globe's Jameson Berkow and Andrew Galbraith write that $426-billion (U.S.) worth of U.S. Treasury securities are currently held in Canadian accounts, up more than 300 per cent from $106-billion (U.S.) in 2021. Canadian holdings of U.S. Treasuries can be controlled not only by domestic governments, institutions and individuals, but also by foreign entities. This has led some experts to believe Canada's rapid rise in the ranks of U.S. creditors is at least partly a result of China moving its U.S. government debt holdings into Canadian-domiciled accounts, where it can retain control of the assets even as they are formally attributed to Canada. China's involvement "helps explain a lot of what is going on," said Doug Porter, chief economist at Bank of Montreal. "China is still investing in Treasuries, just through other avenues," Mr. Porter told The Globe. "I think a lot of people had long suspected that. What is interesting is that some of that is being done through Canada."