China’s holdings of US treasuries declined for the third month straight month in May, the longest stretch of reductions since 2011, Bloomberg reported. The country held US$1.26 trillion in US debt as of April, down US$8.9 billion from the previous month, the US Treasury Department said in a monthly report. China is the largest foreign holder of treasuries, followed by Japan. The decline may be related to China’s foreign-exchange reserve levels, said Aaron Kohli, an interest-rate strategist at BNP Paribas in New York. A slowdown “doesn’t give them much need to be buying treasuries hand over fist,” Kohli said.