🚨China's holdings of US Treasuries are FALLING:

China's Treasury holdings fell -$1.2 billion in April, to $651.1 billion, the lowest since the Great Financial Crisis.

Over the last 3 months, holdings dropped -$43.3 billion, or -6%.

Over the same period, Belgium's holdings remained roughly unchanged, while Luxembourg's declined by -$15 billion, both widely considered proxies for Chinese custody holdings.

Since the 2013 peak, China's holdings have more than HALVED.

China continues to diversify away from the US Dollar.