China reduces US Treasury holdings to lowest level since 2008, with bonds falling from $731.4B to $633.4B year-over-year while increasing gold purchases.
Macro & Markets ·
China's holdings of US Treasury bonds fell to $633.4 billion in June 2026 from $731.4 billion a year earlier, marking the lowest level since 2008, according to data covering the June 2025 to June 2026 period. The decline represents a continuation of China's shift away from US government debt, down from a peak of $1.13 trillion in February 2019, when China was the largest foreign holder of such bonds. Japan has held the top position as the leading foreign holder of US Treasuries since June 2019. Concurrently, China is increasing its gold purchases while reducing its exposure to US debt.