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.”
As illustrated in these MacroMicro charts, China’s holdings of US Treasuries have continued to fall.Given the steady issuance of new securities by the US government, China’s share of total UST holdings has dropped even more — to 7%, a quarter of the 28% peak reached 15 years… pic.twitter.com/vagpQgsxuy
— Mohamed A. El-Erian (@elerianm) February 15, 2026
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 …Full story available on Benzinga.com
