🇺🇸HUGE: India buys record $15.2 BILLION in U.S. Treasuries as China cuts holdings to 18-year low. India’s Treasury purchases surged from $3.39 billion in June to a record $15.2 billion in July, its HIGHEST ever monthly net buying on record. Meanwhile, China’s official U.S. Treasury holdings fell to $618 billion, their lowest level since August 2008 and down sharply from a peak of more than $1.3 trillion in 2013, per FT. The divergence comes as global investors increasingly favor U.S. equities. International flows into U.S. stocks averaged 2.8% of U.S. GDP in the year through June, compared with 2% for Treasuries, marking the first time this century that equity inflows have surpassed Treasury inflows.