China continues to reduce its holdings of U.S. Treasuries, with its holdings falling to their lowest level since 2008.
China’s holdings of U.S. government bonds declined from $731.4 billion in June 2025 to $633.4 billion in June 2026.
China was the world’s largest foreign holder of U.S. Treasuries for many years. Its holdings reached a record $1.13 trillion in February 2019. In June 2019, China was overtaken by Japan, whose holdings stood at $1.12 trillion versus $1.11 trillion for China. Japan has remained the largest foreign holder ever since.
China is now actively selling U.S. government debt and buying gold.
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