ISTANBUL

China cut its US Treasury holdings in October to their lowest level in 17 years, the South China Morning Post reported Friday.

The nation's stockpile dropped to $688.7 billion in October from $700.5 billion in September, according to US Treasury Department data released on Thursday.

According to Chinese financial data company Wind, October's value was the lowest since November 2008 and represented a more than 47% decline from the roughly $1.32 trillion peak in November 2013.

China continued the decline in its US Treasury holdings that began in US President Donald Trump's first term, falling to third place among foreign Treasury holdings in March, behind Japan and the UK.

This year, the tendency has persisted amid ongoing concerns about the sustainability of US debt, especially in light of this summer's One Big Beautiful Bill and concerns about the independence of the Fed as the White House pushes for lower interest rates.

In November, Beijing maintained its gold-buying trend for a 13th consecutive month while reducing its purchases of US Treasury bonds. According to official figures, it increased its reserves by 30,000 ounces, increasing its total stock to 74.12 million ounces, valued at $310.6 billion, according to the source.

Although overall foreign holdings of US Treasury bonds decreased slightly from $9.248 trillion in September to $9.243 trillion in October, they continued to exceed $9 trillion for the eighth consecutive month.

The biggest foreign holder, Japan, raised its holdings from $1.189 trillion to $1.2 trillion in October. Britain, the second-largest holder, raised its holdings from US$864.7 billion in September to $877.9 billion in October.