China has been reducing its US treasuries and diversifying its investments.
China is also raising its funds in euros instead of USD.
https://finance.yahoo.com/news/china-set-sell-first-negative-020645206.html
China is also buying more Japanese bonds nowadays.
https://asia.nikkei.com/Economy/China-triples-Japan-government-bond-purchases2
As China is a big investor, the US will find it harder to raise debts and it will have to increase its interest rates to attract other buyers. However, foreign buyers are also shrinking and the US FED has to pick up the tab.
The US will become like Japan whereby the government will own the majority of its own debts if this phenomenon continues unabated because this is the only way to keep interest rates low to boost economic growth.
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