Three members of the Brazil, Russia, India, China and South Africa (BRICS) economic bloc dumped US debt worth billions of dollars in the most recent reported period, according to the U.S. Treasury Department.
The latest data from the Treasury International Capital System shows Brazil, China and India collectively dumped US treasuries valued at $28.8 billion in October.
India led the pack, cutting its holdings of US treasuries by $12 billion while China reduced its US debt by $11.8 billion. Brazil, on the other hand, scaled down its US treasury holdings by $5 billion in October.
Between October of 2024 and October of 2025, China has offloaded $71.4 billion worth of US treasuries. Brazil and India have dumped $61.1 billion and $50.7 billion, respectively, in US debt over the same period.
The reduction of US debt holdings by the three members of the BRICS economic bloc coincides with J.P.Morgan, a unit of JPMorgan Chase, predicting that the US dollar’s bearish streak will continue in 2026.
J.P.Morgan’s global forex strategy co-head, Meera Chandan, says,
“Our dollar view for 2026 is net bearish, albeit smaller in magnitude and less uniform in breadth than in 2025.
The combination of a Fed that continues to fret about labor market softness and a middle-of-the-smile risk environment that supports the high-yield FX cohort should deliver a lower dollar on the whole…”
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