China has asked all of its banks to reduce exposure to American debt, citing rising market volatility and geopolitical risks. China has been steadily whittling away at its United States treasury holdings since peaking in 2013.
Bloomberg [behind a paywall] has reported, citing people familiar with the matter. The shift away from American debt has seen China overtaken by Japan and the United Kingdom as the largest foreign holders. Since peaking at around $1.3 trillion in 2013, its holdings have fallen roughly by half to about $650–700 billion, reaching levels not seen since 2008, according to a report by RT.
Investors also bailed on the dollar…
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