Three BRICS members are selling US Treasury bonds for many, many billions of dollars.
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China’s ownership of Treasury securities fell sharply from $821.5 billion in July to $805.4 billion in August, a drop of nearly $16.4 billion, according to recent data from the U.S. Treasury Department.
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In the same period, another BRICS member India reduced its holdings of US Treasury securities by $1.5 billion, from $227.4 billion to $223.2 billion.
Brazil also reduced its holdings of US Treasuries by $600 million, from $233.1 billion in July to $232.5 billion in August.
The three BRICS nations sold US government-backed securities totaling $18.5 billion.
Since it peaked in March at $869.3 billion, China, the second-largest foreign holder of US Treasuries, has regularly sold off its Treasury stockpile this year.
Adam Kobeissi, the founder and editor-in-chief of The Kobeissi Letter, suggested earlier this month that China might be selling off its Treasury holdings because of a probable economic slump.
According to Kobeissi’s analysis from last week, China appears to be “heading for a recession” since the HY (high-yield) real estate index for the nation has fallen by 85% from its peak.
Kobeissi said,
News that China is preparing a stimulus package to assist its economy surfaced this week. China reduced interest rates on mortgages worth close to $6 trillion last month. China is certainly experiencing something.
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