ING Flags BRICS Retreat From U.S. Treasuries as China, India and Brazil Cut $28.8 Billion in October

On December 20, 2025, ING highlighted that leading BRICS members are steadily trimming their U.S. Treasury exposure, with China, India and Brazil together reducing holdings by $28.8 billion in October. The bank's analysts say India's sales may be tied to rupee support and geopolitical considerations, while the private sector is largely absorbing the supply as the dollar shows unexpected strength despite softer inflation data.