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BRICS members China and Saudi Arabia are unloading hundreds of billions of dollars worth of US treasuries.<\/p>\n
New numbers from the Treasury Department show<\/a> that China trimmed its US treasury holdings from $938.8 billion in June 2022 to $835.4 billion in June 2023 \u2013 a decrease of about $103.4 billion in just 12 months.<\/p>\n Even though China has been dumping US treasuries over the past year, the country is still one of the largest creditors of the United States, second to Japan\u2019s holdings of $1.105 trillion.<\/p>\n As for new BRICS member Saudi Arabia, the Middle Eastern country reduced its holdings of US debt by $11.1 billion over the same period from $119.2 billion to $108.1 billion.<\/p>\n The decline in the US bond holdings of the two BRICS nations are a fresh sign of opposition to the US dollar\u2019s hegemony.<\/p>\n And Bloomberg\u2019s chief emerging markets economist Ziad Daoud says<\/a> Saudi Arabia\u2019s move to riskier assets could influence the Federal Reserve\u2019s take on interest rates.<\/p>\n \u201cDomestically, higher risks mean potential losses for the kingdom. Globally, the re-allocation of Saudi wealth could result in higher US interest rates.\u201d<\/em><\/p>\n While China and Saudi Arabia have been selling US treasuries, other BRICS nations increased their holdings.<\/p>\n India accumulated $26.6 billion worth of US debt securities between June 2022 to June 2023. The United Arab Emirates and Brazil added $25.1 billion and $1.3 billion, respectively, to their US treasury holdings during the 12-month period.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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