Billions of US-backed Products Dropped by BRICS

( – According to new numbers published by the US Treasury Department on September 21, members of the international economic and political alliance BRICS are currently ditching billions of US dollars-worth of assets backed by Washington. The numbers revealed that the Chinese regime is the one leading the charge, as Beijing has been reducing its holdings of United States treasuries from $835.4 billion to $821.8 billion between June and July.

This represents a decrease of $13.6 billion in just one month, which experts believe could be a sign of China’s intention to end the US dollar dominance. However, it remains unclear if the rest of the nations that are part of the BRICS group (Brazil, Russia, India, and South Africa) will follow Beijing on this road.

According to a Daily Hodl report, while China remains the second-largest foreign holder of US treasuries in the world, the communist dictatorship has unloaded $117.4 billion worth of US government debt. The media outlet also pointed out that Beijing has taken this step in a 12-month period.

In the case of Brazil, the South American giant has pared its stash of American treasuries to $224.7 billion in July, representing a decline of $2.7 billion, as it was previously $227.4 billion in June. Another country that has taken a similar step is India, which reduced its holdings to $2.3 billion over the same timeframe.

A recent report from Nikkei Asia revealed that the Chinese regime is currently trimming the US treasury as a way to defend its currency yuan against a stronger US dollar. This month, China’s local currency fell to $0,136 against the dollar, representing a significant concern for President Xi Jinping according to numerous reports. Some media outlets have said that Beijing officials fear that an economic crisis could explode in the world’s second-largest economy, as the last time that China saw this difference between the yuan and the US dollar was in January 2008.

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