China Continues to Sell Off US Debt, Holdings Drop to 18-Year Low of $652.3 Billion in March
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According to the latest data from the U.S. Treasury Department, China continued to sell off its U.S. Treasury holdings in March, unloading about $41 billion. This brought its total holdings down to $652.3 billion, an 18-year low since 2008. Ding Zhijie, Director of the Financial Research Institute of the People's Bank of China, stated that the sell-off was directly triggered by global financial market volatility caused by the 'U.S.-Iran war,' prompting investors to reduce risk under a 'cash is king' approach. As of the end of March, the top three foreign holders of U.S. debt were Japan, the United Kingdom, and China, respectively.