BRICS: China Dumps $74 Billion in US Treasuries
BRICS member China is dumping billions worth of US treasuries as the Communist nation is looking to abandon the dollar. The US Treasury Department published the latest data that shows China offloading nearly $74 billion in treasuries in 2023 alone. The development adds pressure on the economy at a time when BRICS aims to end reliance on the US dollar. Also Read: Trump Unveils Plan To Crush BRICS , Boost US Dollar Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. China decreased its US Treasury holdings from $849 billion to $775 billion between Q2 of 2023 to Q2 of 2024. Therefore, BRICS country China dumped a staggering $74 billion in US treasuries in the last 12 months. It has now reached its lowest holdings since 2009 at the time BRICS was formed. Also Read: BRICS Conducts $260 Billion Worth Trade Without the US Dollar China & Other BRICS Countries Dumping US Treasuries Source: AFP Apart from China. other ...