BRICS Nations China, India and Brazil Dump $28,800,000,000 in US Treasuries As JPMorgan Chase Forecast ‘Net Bearish’ on US Dollar
Three members of the Brazil, Russia, India, China and South Africa (BRICS) economic bloc dumped US debt worth billions of dollars in the most recent reported period, according to the U.S. Treasury Department.
The latest data from the Treasury International Capital System shows Brazil, China and India collectively dumped US treasuries valued at $28.8 billion in October.
India led the pack, cutting its holdings of US treasuries by $12 billion while China reduced its US debt by $11.8 billion. Brazil, on the other hand, scaled down its US treasury holdings by $5 billion in October.
Between October of 2024 and October of 2025, China has offloaded $71.4 billion worth of US treasuries. Brazil and India have dumped $61.1 billion and $50.7 billion, respectively, in US debt over the same period.
The reduction of US debt holdings by the three members of the BRICS economic bloc coincides with J.P.Morgan, a unit of JPMorgan Chase, predicting that the US dollar’s bearish streak will continue in 2026.
J.P.Morgan’s global forex strategy co-head, Meera Chandan, says,
“Our dollar view for 2026 is net bearish, albeit smaller in magnitude and less uniform in breadth than in 2025.
The combination of a Fed that continues to fret about labor market softness and a middle-of-the-smile risk environment that supports the high-yield FX cohort should deliver a lower dollar on the whole…”
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
XRP Pundit: First Thing You Should Do When You Become a Crypto Millionaire
VIPTradFi Focus: Where Does the RWA Market Stand Today?
1. Crypto outperformed traditional equity indexes following the rate hike, but elevated interest rates remain a key constraint on cross-asset allocation. From September 12 to 18, BTC, ETH, and SOL gained 4.83%, 3.84%, and 9.96%, respectively, while the S&P 500 edged down 0.08%. The U.S. Dollar Index rose 1.11%, and the 10-year U.S. Treasury yield closed at approximately 4.998%. Improving risk appetite is therefore coexisting with elevated discount rates, raising the bar for RWA allocation: investors need to compare not only returns on the underlying assets, but also on-chain liquidity and collateral efficiency. 2. Growth in tokenized equities is occurring even as the overall RWA market remains under pressure. As of September 18, Distributed Asset Value across RWAs stood at $38.503 billion, down 1.13% week over week, while tokenized equities reached $3.056 billion, up 6.03%. This week's data are better explained by capital reallocating across different RWA segments than by a broad-based expansion of the entire RWA market. 3. For exchanges, the opportunity lies in connecting spot holdings, collateral, and derivatives. Reality's distributed asset value stands at approximately $155 million, while eligible rTokens can already be used within Bitget's UTA margin framework. Across CoinGlass's verifiable sample of 177 TradFi instruments, open interest reached approximately $11.498 billion, up 2.06% week over week, even as weekly trading volume declined 7.60%. The medium-term opportunity remains intact, but deeper utilization will depend on liquidity, collateral use, and sustained trading activity. 4.Assets to watch: BTC, ETH, SOL, NEAR, ZEC, gold, tokenized U.S. equities, COST. 5.Key metrics to watch: rToken collateral utilization, the durability of TradFi open interest and trading volume, and next week's employment and consumer data.
Gold prices fall Rs 1,331/10 gram, silver dips Rs 1,600/kg as Mideast tensions outweigh oil fall: Key levels to track
Strategists Say Market's ‘Wall of Worry' Is Healthy, Not a Warning Sign
Crypto prices
More
