List of Countries and Funds Reducing US Treasuries Around the World

Key Points:

• Norway's Government Pension Fund Global, the world's largest sovereign wealth fund, has proposed reducing its U.S. Treasury holdings by about $80 billion, lowering exposure from 34.1% to 21.9% of its bond benchmark, while increasing investments in other U.S. bonds to diversify its portfolio.
• Several major foreign holders, including China, Brazil, India, Japan, and Switzerland, have decreased their U.S. Treasury holdings over the past year, with China cutting its holdings by $98 billion, continuing a long-term downward trend.
• Conversely, some countries such as the United Kingdom, Belgium, and Ireland increased their Treasury holdings significantly, contributing to an overall 2.3% rise in total foreign U.S. Treasury holdings from June 2025 to June 2026.
• The proposed changes by Norway have not yet been implemented and are planned to be executed gradually to avoid market disruption, with Norges Bank awaiting the Ministry of Finance's decision before finalizing an implementation plan.
• While Norway's shift does not immediately threaten U.S. borrowing costs, a broader trend of large investors reducing Treasury holdings could eventually lead to higher borrowing costs for the U.S. government, impacting loans and federal finances.