[datumy]

I believe the real reason why China is no longer the largest holder is that, China SPENDS tons of dollars she earns/holds on one-belt-one-road projects. US and western countries are super unhappy about that, as China effectively de-weaponize dollars. China is supposed to earn/hold US paper money and never to spend it. Just my 2cents.

[runeks]

Owning a piece of infrastructure definitely seems more valuable than owning a foreign government bond. But I don’t see how this “de-weaponizes” the US Dollar.