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Renowned economist Mohamed El-Erian has signaled a major structural shift in global finance as China's share of the U.S. Treasury market plummeted to a 15-year low, raising concerns over future demand for American debt.
Great Retreat
Data shared by El-Erian reveals that China's holdings of U.S. Treasuries now represent just 7% of the total market share—a staggering drop from the 28% peak recorded 15 years ago. The total holdings have fallen to approximately $682.6 billion, the lowest level since 2008.
“As illustrated in these MacroMicro charts, China's holdings of US Treasuries have continued to fall,” El-Erian noted in a post on X.
He emphasized that the decline is even more pronounced when viewed against the backdrop of a “steady issuance of new securities by the US government.”
Change In 10-Year Treasury Yields Over 15 Years
Based on the data from the Federal Reserve Bank of St. Louis, here are the percentage changes in 10-year Treasury yields as of Feb. 12, 2026. The current 10-year Treasury yield stands at ...
