People like to say that foreigners are dumping US treasuries, and then they use the data for China's holdings of U.S. treasuries to illustrate it The problem with this is that total UST holdings by foreigners (of which China falls under) have only been increasing In simple terms, countries are not opting out of the US dollar system This idea of people dedollarizing is absurd and misses out the capital account, and the current account is inherently linked More on this in the livestream tomorrow (link below)