Something unusual is happening in the US Treasury market: China’s Treasury holdings as a % of all foreign holdings is down to 7.6%, the lowest in 23 years. This percentage has declined -20 points over the last 14 years. As a result, China now ranks as the world’s 3rd-largest foreign Treasury holder, after previously holding the top spot. During the same period, the UK’s percentage has QUADRUPLED, to 9.4%, near the highest on record. Meanwhile, Japan’s percentage, now the largest foreign owner of US Treasuries, has declined -26 points over the last 21 years, to 12.9%, near the lowest this century. Foreign demand for US Treasuries is shifting in a historic way.(The Kobeissi Letter)