BRICS Nations China, India and Brazil Dump $29,000,000,000 in US Treasuries in One Month As Standard Chartered Warns ‘Dedollarization Is Real’

Three BRICS countries just slashed their US Treasury holdings.

New data from the U.S. Treasury International Capital reporting system shows Brazil, China and India cut their US Treasury holdings by $29 billion in September.

India led the pack, reducing its US Treasury holdings by $16.7 billion in the last month of Q3.

Brazil scaled down its US Treasury holdings by $11.8 billion over the same period.

China, which is now the third-largest holder of US Treasuries after Japan and the United Kingdom, pruned its US Treasury holdings by $500 million in September.

The selloff coincides with Standard Chartered’s senior economist and global head of geopolitics, Philippe Dauba-Pantanacce, stating that dedollarization is already underway, albeit progressing slowly.

According to Dauba-Pantanacce,

“More and more countries are seeking to reduce their dependence on the dollar, partly because the United States has used the dollar as a weapon for political purposes…

De-dollarization is real, but progressing slowly and does not change the fact that the dollar remains the dominant currency in international trade, global reserves, and financial markets.”