China had been reducing its US treasuries since November 2021.

What's happening here? Is China taking revenge by selling its US treasuries?  No, China is not being vindictive by selling its US treasuries.  Actually, we had explained this in our post in 2018.

http://sg-stock.blogspot.com/2018/11/the-more-us-tries-to-hurt-china-more-it.html