In March, China reduced its holdings of U.S. debt by 18.9 billion USD, with the holdings scale dropping to third.

On May 16, local time, data released by the U.S. Treasury Department showed that in March 2025, among the top three overseas bonders of U.S. bonds, Japan and the United Kingdom increased their holdings of U.S. Treasury bonds, and China reduced their holdings. China has gone from being the second largest creditor of the United States to the third largest creditor, and the United Kingdom has become the second largest creditor. March was on the eve of the current round of turmoil in the U.S. Treasury market. According to the U.S. Treasury Department's March 2025 International Capital Flows Report (TIC), Japan increased its holdings of U.S. Treasury bonds by $4.9 billion in March, with a position of $1,130.8 billion, remaining the largest creditor in the United States. China reduced its holdings of U.S. Treasuries by $18.9 billion to $765.4 billion in March, its first reduction this year. As a result of the reduction, China's holdings in U.S. Treasuries fell from second to third. Since April 2022, China's U.S. debt holdings have been below $1 trillion and are generally underweight. In January 2025, China increased its holdings of U.S. Treasuries by $1.8 billion, compared with $23.5 billion in February. In 2022, 2023, and 2024, China will reduce its holdings of U.S. Treasury bonds by US$173.2 billion, US$50.8 billion, and US$57.3 billion, respectively. (Golden Ten)