China trims its holdings of U.S. debt in October to $1.134T from September's $1.148T. China's ownership of Treasuries is mostly an accounting identity. Chinese exporters sell goods and receive dollars, which make their way to the PBOC, which buys them with freshly printed yuan. The PBOC takes those dollars and buys Treasuries. As China's net exports to the U.S. slow, so does the need for the PBOC to buy U.S. debt.