Three BRICS countries just slashed their US Treasury holdings.
New data from the U.S. Treasury International Capital reporting system shows Brazil, China and India cut their US Treasury holdings by $29 billion in September.
India led the pack, reducing its US Treasury holdings by $16.7 billion in the last month of Q3.
Brazil scaled down its US Treasury holdings by $11.8 billion over the same period.
China, which is now the third-largest holder of US Treasuries after Japan and the United Kingdom, pruned its US Treasury holdings by $500 million in September.
The selloff coincides with Standard Chartered’s senior economist and global head of geopolitics, Philippe Dauba-Pantanacce, stating that dedollarization is already underway, albeit progressing slowly.
According to Dauba-Pantanacce,
“More and more countries are seeking to reduce their dependence on the dollar, partly because the United States has used the dollar as a weapon for political purposes…
De-dollarization is real, but progressing slowly and does not change the fact that the dollar remains the dominant currency in international trade, global reserves, and financial markets.”
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