The decline in China's US Treasury holdings isn't as big as it seems

• The ongoing decline in China's US bond holdings is not as big as it seems, according to Ned Davis Research.
• The firm observed that measuring China's total US bond holdings in the yuan shows just a 5% decline since 2013.
• "Although China's holdings of US debt are down, after some adjustments, it's a lot less than the headline implies," NDR said.

China has been reducing its holdings in US Treasurys since 2013, but the decline may not be as big as it seems, according to Ned Davis Research's global macro strategist Joseph Kalish.