Economists, analysts and governments in Asia broadly welcomed the US government’s decision to take control of the troubled Fannie Mae and Freddie Mac mortgage groups, but investment banks were thought unlikely to increase their holdings of US agency debt.

Many banks had been reducing their exposure to the two government-sponsored entities, or GSEs. Chinese banks held around $25bn in Fannie and Freddie-related securities at the end of June, but that amount has since fallen.