China Dumps $101,900,000,000 in US Treasuries in 12 Months As Fed Governor Dismisses ‘Imminent Demise’ of US Dollar – The Daily Hodl

New numbers show China has sold $101.9 billion in US Treasury securities over the past 12 months.

The Treasury Department says China cut its holdings from $869.3 billion in March of last year to $767.4 billion in March of this year.

China’s holdings have steadily dropped from an all-time high of $1.31 trillion, which was set in November of 2013.

The news comes as China shifts away from the dollar in cross-border trade and as the global economic alliance known as BRICS contemplates the launch of a digital competitor to the US dollar.

The developments are not going unnoticed at the Federal Reserve.

At a recent conference on the global importance of the US dollar, Fed Governor Christopher Waller said the demise of the dollar is exaggerated, but acknowledged the role of the world’s reserve currency is evolving.

“There has for some time been commentary predicting the dollar is destined for demise – potentially an imminent demise…

The role of the U.S. in the world economy is changing, and finance is always changing. The dollar remains by far the most widely used currency by a number of metrics.”

Waller points to America’s use of sanctions against foreign nations as a factor in the dollar’s future dominance.

“If these sanctions and policies are long-lasting, the shifting cross-border payments landscape – including the rapid growth of digital currencies – could also pose challenges to the dominant role of the US dollar.”

Back in February, Waller said despite the challenges, nations have “few practical alternatives to the dollar,” noting that “in times of global stress, the world runs to the dollar, not away from it.”

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• Source: https://dailyhodl.com/2024/06/01/china-dumps-101900000000-in-us-treasuries-in-12-months-as-fed-governor-dismisses-imminent-demise-of-us-dollar/