AFP/Getty Images The People's Bank of China in Beijing.China is once again the U.S.’s biggest creditor thanks to its efforts to stabilize the currency. The yuan’s USDCNY, +0.2904% strengthening against the dollar in the past three months has helped China, the world’s second-largest economy, reclaim its spot as the no.1 holder of Treasurys in June after an eight-month hiatus, relegating Japan to second place. The dollar bought 6.68 yuan on Wednesday trade after having hovered at levels of 6.90 yuan back in May. China’s holdings of U.S. government paper rose to $1.147 trillion in June, up more than $44 billion from the previous month. This represents the largest monthly gain in six years. Meanwhile, Japan’s holdings slipped $20.5 billion to $1.09 trillion, according to data from the Treasury International Capitol system on Tuesday. The strengthening currency, along with its status as a major exporter, has helped boost China’s trade surplus. This can lead to a rapid accumulation of Treasurys, as a burgeoning trade surplus has to be balanced with Beijing raising the size of its cross-border investments.via