Three BRICS countries are unloading US debt, reducing their Treasury holdings by tens of billions of dollars in just one month.
New data from the US Treasury Department shows China decreased its US debt holdings by $25.7 billion, from $756.4 billion in June to $730.7 billion in July.
Brazil also lowered its holdings from $215.3 billion to $210.7 billion, a $13.6 billion reduction over the same period.
And India dumped $7.7 billion in US Treasuries, from $227.4 billion in June to $219.7 billion in July.
All in all, the three countries sold $47 billion of American debt in 30 days.
The Treasury sell-off comes as China and Russia make new moves to sidestep the dollar.
The People’s Bank of China’s (PBC) says its Cross-Border Interbank Payment System (CIPS) now connects over 1,700 institutions across 189 countries, processing 175 trillion yuan ($24.55 trillion) last year.
Meanwhile, state-run media says Russia is now using domestic currencies to settle 90% to 95% of its trades with India and China.
Russia’s Deputy Prime Minister Alexander Novak says the settlements in national currencies don’t hinder trade between the countries.
“The market itself meets the need for settlements in national currencies. For example, with our friends from China and India, we have already switched to national currencies by 90-95%. This is automatic, without any purpose, because they don’t allow settlements in the respective currency, which used to be the hegemonic one.”
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