China has cut its US Treasury holdings to levels not seen since the 2008 financial crisis, accelerating a years-long pivot away from dollar-denominated assets and into gold. US Treasury Department data puts China’s holdings at $694.4 billion as of January 2026 — down 47% from a November 2013 peak of $1.316 trillion. China ranks third among foreign holders of US debt, trailing Japan at $1.185 trillion and the United Kingdom at $866 billion. The sell-down has been deliberate. China shed $173.2 billion in 2022, $50.8 billion in 2023, and $57.3 billion in 2024 from its Treasury portfolio, with holdings hitting a cycle ... (full story)