China seems to have stopped buying US short term bonds recently.  Since October the overall US debt held by China has been decreasing.  Going from a high of $210 Billion to $5.69 Billion in March.
The question is why?

My guess is China expects a devuation of the US dollar to the Yuan.  I would also guess that China does not expect a real deficit cutting deal in the US.

How China owns $1.2TRILLION of American deficit  - Daily Mail


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