China joins global sell-off of US Treasuries in March as Iran war prompts panic

Mainland Chinese investors shed its holdings of US Treasury bills in March, echoing the move of many overseas institutions and central banks amid uncertainties over the Iran" class="entity-link entity-event" data-entity-id="38678" data-entity-type="event">US-Israel war on Iran.Such reductions in Treasury holdings reflected mounting doubts in global markets, analysts said, as the escalating war in Iran fuelled concerns over inflation, energy prices and Fiscal pressures, driving Treasury yields higher and overshadowing the likelihood of interest rate cuts from the US Federal Reserve.In March, the world’s second-largest economy cut its holdings of US Treasuries to US$652.3 billion from US$693.3 billion a month earlier, according to data released by the US Treasury Department on Monday afternoon Washington time, remaining as the third largest foreign holder.