BREAKING: Foreign holdings of US Treasuries jumped +$112.8 billion in November, to a record $9.4 trillion. However, China's stockpile, the 3rd-largest holder, dropped -$6.1 billion, to $682.6 billion, the lowest since 2008. Belgium's holdings, which include Chinese custodial accounts, surged +$12.6 billion, to a record $481.0 billion. Japan, the largest foreign holder of Treasuries, saw a +$2.6 billion increase, to $1.2 trillion, the highest since July 2022. The UK, the 2nd-largest owner, posted a +$10.6 billion increase, to $888.5 billion, the 2nd-highest on record. Canadian holdings rose +$53.1 billion, to $472.2 billion, the 2nd-largest in history. Foreign appetite for US public debt is still strong.(The Kobeissi Letter)