BRICS Dumps Another $17 Billion in U.S. Treasuries in a Month
BRICS dumped a total of $17.4 billion in U.S. treasuries in September 2023. Latest Data from the U.S. Treasury Department highlighted that China, Brazil, and Saudi Arabia sold the highest last month. The BRICS alliance is offloading billions worth of U.S. government bonds to stop the dollar from ending on a high against local currencies. The rising U.S. dollar is weakening gold, oil, commodities, and local currencies of developing nations around the world. Also Read: BRICS : Leading Oil Company Ditches US Dollar, Accepts Local Currency China single-handedly offloaded $13.6 billion worth of U.S. treasuries in September. The communist nations’ reserves dropped from $835.4 billion to $821.8 billion last month. Brazil stood next on the list and offloaded $2.7 billion in U.S. treasuries. As a result, its holdings shrunk from $227.4 billion to $224.7 billion. New BRICS member Saudi Arabia followed right after and sold $1.1 billion in U.S. treasuries. Consequentially, the King...