In the past, the United States had China to finance its deficits; it has now replaced China with Germany

Until 2013, the US external and fiscal deficits were financed by China’s surplus savings through the increase in China’s foreign exchange reserves. But since 2014, China has been losing foreign exchange reserves and it is no longer playing this role. In this role of financing the United States , it has been replaced with Germany, whose external surpluses have no longer been lent to the other euro-zone countries since 2012 . It is obviously negative for the euro zone that Germany's savings surplus finances the US twin deficits and not investments in European countries.