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Global Shift in Reserve Assets: India Leads a Diversification Trend Amid US Dollar Uncertainty

The Evolving Landscape of US Debt Holdings

As we enter the third quarter of 2025, a noticeable trend among foreign holders of US debt is emerging—an ongoing sell-off of dollar-denominated assets. While China’s recent significant reduction in US Treasury holdings has been widely discussed, India’s actions present a compelling case worth deeper examination. Historically a staunch US security partner, especially in the Asia-Pacific region, India now reflects a broader, cautious strategic repositioning by major nations regarding their reserve management.