China, one of the largest economies, reduced its U.S. Treasury holdings in April, reaching an 18-year low.

According to data recently released by the U.S. Treasury Department, China sold part of its U.S. Treasuries in April, reducing its holdings from $652.3 billion in March to $651.1 billion in April, the lowest since September 2008. This marks the third consecutive month of net selling, trimming holdings by $43.3 billion.

The sales came during a period when the conflict in the Middle East still raged on, a factor that could have influenced this move, as inflation and other concerns impacted the U.S. economy’s outlook.

Another factor that could have influenced this move was the uncertain role of Kevin Warsh, the newly appointed Chair of the Federal Reserve, and his deep links to President Donald Trump. Those concerns have been at least partly mitigated since Warsh recently supported a decision to maintain interest rates, a policy that differs from Trump’s ultra-dovish desires for sub-1 % rates as part of his economic action plan.

With this reduction, China maintains its position as the third-largest foreign holder of US debt, falling behind Japan and the U.K.

Nonetheless, China opposed international market trends, as other holders increased their ownership of U.S Treasuries during the same period. The total U.S. debt held by foreign actors grew to $9.35 trillion, the second-highest number recorded.

The milestone was supported by increased demand from countries like Japan, which held $1.21 trillion in April, and the U.K., which held $937.5 billion in the same period.

Nonetheless, other traditional U.S. allies also reduced their ownership of U.S. debt in April. Canada trimmed its U.S. Treasury stake by a large $42 billion, reducing it to $397.1 billion.

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