BRICS member China dumped a record number of US treasuries and agency debt bonds worth a staggering $53.3 billion. Historically, this is the largest sell-off initiated by China ever recorded and occurred during the first quarter of 2024. The sell-off data comes at a time when the US dollar fell to its one-month low at 104.20.
Also Read: BRICS: IMF Confirms US Dollar Is in Jeopardy
China and other BRICS countries have been offloading US treasuries worth billions since 2022. The Communist country has a record of dumping the highest in the last two years. The development indicates that BRICS and other developing countries want to move away from owning US assets in their reserves.
The uncontrolled debt of $34.4 trillion is worrisome making BRICS rely on local currencies and not the dollar. In addition, even a close ally of the US, Belgium dumped $22 billion worth of treasuries during the same period. This shows…
