China’s Treasury holdings as a % of all foreign holdings is down to 7.6%, the lowest in 23 years. This percentage has declined -20 points over the last 14 years.

Something unusual is happening in the US Treasury market:

China’s Treasury holdings as a % of all foreign holdings is down to 7.6%, the lowest in 23 years.

This percentage has declined -20 points over the last 14 years.

As a result, China now ranks as the world’s 3rd-largest… pic.twitter.com/JWJ4bbhbsy

— The Kobeissi Letter (@KobeissiLetter) November 29, 2025