🚨 WARNING: CHINA IS BREAKING THE SYSTEM!

China just ordered banks to totally cut U.S. Treasury exposure.

THIS IS A DOLLAR EXIT SIGNAL.

The Treasury market is the base layer of everything.

If confidence in that base layer gets weaker, the whole stack gets weaker.

This didn't start today.
It's been building for years.

China's U.S. Treasury holdings:

- Nov 2013: $1.316 TRILLION peak

Then the exit started.

- Jun 2019: Japan passed China as the top foreign holder
- May 2022: $980B, one of the lowest levels since 2010
- Nov 2025: $682B, the lowest since Sep 2008

Now connect the dots.

From $1.316 TRILLION to $682 BILLION is not noise.
It's a plan.

And the plan is simple.

- STEP BACK FROM U.S. DEBT.
- STEP UP CONTROL AT HOME.
- REDUCE DOLLAR RISK.

That one fact explains a lot.

Because when a buyer this big steps back, yields jump.

When yields jump, liquidity gets low.

When liquidity gets low, risk gets smoked.

THIS IS NOT GOOD AT ALL.

So what happens next?

The Treasury market needs a new marginal buyer.
And usually that means higher yields.

Higher yields do one thing.

- They raise the cost of money.
- They pull liquidity.
- They squeeze risk.

Markets are not pricing the next step now.

But they will.

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