The US Treasury is being emptied of tens and tens billions in dollars by three members of the Brazil-Russia-India, China, South Africa economic bloc (BRICS).
Data from the U.S. Treasury International Capital System (TIC) shows that China sold $75.5 billion worth of US Treasury bonds between December 2024 and 2025. This represents a 10% reduction.
India’s US Treasury holdings fell from $36.2 billion to $18.1 billion over the past 12 months. This is an 18% decrease year-over-year.
Brazil has reduced its US Treasury holdings from $32.9 billion to $16.9 billion.
The data is updated as ING warns that the US dollar will lose its status as a safe-haven currency in the future.
ING claims that the US dollar will “lose a large chunk” of its value as a safe-haven currency in 2025 compared to 2024. According to ING the US dollar is expected to continue its decline, particularly in relation to the euro, through 2026.
Our baseline outlook for the dollar for the rest of 2026 is bearish. The USD hedge should continue to grow thanks to the lower rates at the front end (we anticipate two Fed rate cuts this year) and we believe that a slower US economy in the second part of the year would coincide with a stronger eurozone.
The dollar’s decline this year is not expected to be as large as the one in 2025, but due to the concentrated risks that are in the US (from equity valuations to political and fiscal risks before the midterm election), the risk remains on the downside. By the end of this year, we aim to have EUR/USD at 1.22 .”
At the time of this writing, EUR/USD was trading around $1.18.
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The post BRICS Nations Brazil China and India dump $144,600,000,000 US Treasuries within a year may change as new information becomes available.
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