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A trio of BRICS member nations are unloading billions upon billions of dollars worth of US Treasuries.<\/p>\n
New numbers from the U.S. Treasury Department show China\u2019s ownership of Treasury securities plunged<\/a> from $821.5 billion in July to $805.4 billion in August \u2013 a decrease of about $16.4 billion.<\/p>\n Fellow BRICS member India also pared its US Treasury holdings by $1.5 billion in the same time frame, from $227.4 billion down to $223.2 billion.<\/p>\n And Brazil slashed its ownership of US Treasuries from $233.1 billion in July to $232.5 billion in August, a reduction of $600 million.<\/p>\n All in all, the BRICS trio sold off $18.5 billion worth of US government-backed securities.<\/p>\n China, the second-largest foreign holder of US Treasuries, has consistently sold off its Treasury trove this year since it peaked in March at $869.3 billion.<\/p>\n Earlier this month, Adam Kobeissi, founder and editor-in-chief of The Kobeissi Letter, said<\/a> that China could be unloading its Treasury holdings due to a potential economic downturn.<\/p>\n Last week, Kobeissi reported<\/a> that China appears to be \u201cheading for a recession\u201d as the country\u2019s HY (high-yield) real estate index dropped 85% from its high.<\/p>\n Said<\/a> Kobeissi,<\/p>\n \u201cThis week, news broke that China is planning a stimulus package to support its economy. Last month, China lowered interest rates on nearly $6 trillion worth of mortgages. Something is clearly happening in China.\u201d\u00a0<\/em><\/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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