China and Russia may be working on developing their own digital currencies, but in the mean time they are also rebuilding their stacks of U.S. Treasury securities they sold off during the past few years.
China was particularly troubled when the U.S. Federal Reserves embarked on quantitative easing in 2009 and took interest rates to zero. Russia sold off a good portion of its Treasuries after the US and other nations imposed sanctions on Russia in 2014. Both countries developed de-dollarization initiatives in response to U.S. monetary and foreign policies that included selling U.S. Treasuries and adding gold to their foreign reserves.
Russia and China have stopped selling their U.S. Treasury positions and began buying Treasuries late last year.
Russian holdings of U.S. Treasuries are at a 40 month high.
Chinese U.S. Treasury holdings have increased since October 2016.
The Fed protects the dollar first and foremost, not the economy or even the too big to fail shareholder interests. Without the dollar neither of the latter two can function.
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