China cuts US Treasury holdings to lowest level since 2008 amid debt ceiling fears

China reduced its US Treasury holdings to $688.7 billion in October, the lowest since 2008, due to concerns over US debt sustainability and the Federal Reserve's independence. This marks a 47% drop from the peak in 2013. Meanwhile, China continued its gold-buying streak, adding 30,000 ounces in November. Total foreign holdings of US Treasuries slightly decreased, with Japan and Britain increasing their holdings, while Canada reduced its stockpile.