China dumped $86bn of Treasuries as foreign holdings hit a record $9.4tn

So what

Foreign appetite for US government debt is intact in aggregate, but its composition is shifting from strategic holders (China, Brazil, India) towards allies and financial centres. Custodial hubs such as Belgium (Euroclear) and the Caymans blur who really owns the paper, so country-level reads need care. For treasurers and investors, the de-dollarisation story is real at the margin but not yet visible in the total.