China cuts US Treasury holdings to lowest level since 2008 amid debt ceiling fears

China reduced its US Treasury holdings in October to its lowest level in 17 years, as mounting concerns over US debt sustainability and the Federal Reserve’s independence further eroded confidence in dollar-backed assets. The country’s stockpile fell to US$688.7 billion in October, down from US$700.5 billion in September, according to US Treasury Department data released on Thursday. October’s figure was the lowest level reported since November 2008, and marked a plunge of more than 47 per cent...