Overview
- US Treasury data show China held US$682.6 billion in Treasuries in November, down from US$688.7 billion in October and the lowest since 2008.
- Foreign ownership of US Treasuries hit a record high even as China trimmed its position, with Japan at about US$1.2 trillion and the UK at US$888.5 billion.
- People’s Bank of China figures indicate gold reserves reached 74.15 million ounces by end-December 2025, marking a 14th straight monthly increase.
- China’s total foreign-exchange reserves stood at roughly US$3.3579 trillion at the end of December 2025, underscoring the broader significance of its allocation shifts.
- Economists quoted by SCMP and state media say Beijing is diversifying for safety and may keep cutting Treasuries, citing concerns that include potential Fed politicisation under President Trump and long-term US debt risks.