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A trio of BRICS member nations are unloading billions upon billions of {dollars} price of US Treasuries.
New numbers from the U.S. Treasury Department present China’s possession of Treasury securities plunged from $821.5 billion in July to $805.4 billion in August – a lower of about $16.4 billion.
Fellow BRICS member India additionally pared its US Treasury holdings by $1.5 billion in the identical time-frame, from $227.4 billion right down to $223.2 billion.
And Brazil slashed its possession of US Treasuries from $233.1 billion in July to $232.5 billion in August, a discount of $600 million.
All in all, the BRICS trio bought off $18.5 billion price of US government-backed securities.
China, the second-largest overseas holder of US Treasuries, has persistently bought off its Treasury trove this yr because it peaked in March at $869.3 billion.
Earlier this month, Adam Kobeissi, founder and editor-in-chief of The Kobeissi Letter, said that China may very well be unloading its Treasury holdings on account of a possible financial downturn.
Last week, Kobeissi reported that China seems to be “heading for a recession” because the nation’s HY (high-yield) actual property index dropped 85% from its excessive.
Said Kobeissi,
“This 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.”
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