India–Russia Push Rupee–Rouble Trade Mechanism

China, sharply reduced their US treasury holdings in September, cutting a combined 29 billion dollars. India led with a 16.7 billion dollar draw-down, followed by Brazil at 11.8 billion dollars, while China trimmed another 500 million dollars, continuing its multi-year reduction. The pullback comes at a time when the dollar is already under pressure. The dollar index has fallen by over 10 percent in 2025, one of its steepest annual drops in two decades, before a mild rebound recently. Global banks say the sell-off reflects a mix of lower US yields, shifting reserve strategies, and early signs of de-Dollarisation among emerging markets.