From BRICS News:
JUST IN: China instructs banks to reduce US Treasury holdings.
This isn’t a massive surprise. It’s obviously been in the works for some time; I even wrote about it three years ago. But the quiet reduction from $1.3 trillion to $680 billion has been gradual, while this public announcement may reflect a more aggressive policy of dumping the dollar.
It also suggests that BRICS will very soon unveil an alternative payment structure, not just for the BRICS nations, but for the world. Which, given the fragility of the current US-based payment processing systems, would be a very welcome alternative for many neutral parties.