China’s sale of US Treasuries has reached a staggering $74 billion in the past year, as confirmed by the latest data from the Treasury Department. During the second quarter of 2023 to the second quarter of 2024, China’s holdings of Treasuries decreased from $849 billion to $775 billion, marking its lowest level since 2009. In addition to China, other countries have also reduced their Treasuries holdings, with India selling $1.4 billion, Brazil unloading $1.2 billion, and Saudi Arabia shedding $0.3 billion.

Meanwhile, Russia and China have made significant strides in reducing their reliance on the US dollar in their mutual trade. According to Russia’s Foreign Minister Sergei Lavrov, more than 90% of settlements between the two countries are now conducted in their own national currencies. Despite Western countries’ attempts to impede their economic cooperation, the use of their own currencies has accelerated. Lavrov previously stated that countries in the Commonwealth of Independent States have experienced substantial growth in trade flows without adhering to US demands.

Lavrov, who has been serving as Russia’s Foreign Minister since 2004, believes that CIS countries are actively working towards further agreements to enhance their economic interactions. This positive momentum is expected to fuel further expansion in their trade relationships.