BRICS Sell Off Billions in US Assets to Defend Currencies Against Surging Dollar

China dumped $21.2 billion in US treasuries and stocks in August, the highest sell-off in 4 years, to defend the weakened Yuan against the rising US dollar.

The BRICS alliance has sold $123 billion in US treasuries and stocks in 2023 alone to protect local currencies from the strengthening dollar.

India is accused of getting state banks to dump the US dollar to prevent the Rupee from falling to new lows.

Japan is also accused of intervening in currency markets to stop the Yen from hitting new lows against the US dollar.

Despite BRICS attempts to halt the US dollar growth, the greenback outperformed local currencies in October.