KEY POINTS

China reduced its stash of Treasury to $652.3 billion, the lowest level since September 2008.

Japan, the single largest foreign holder, shed approximately $47 billion to $1.191 trillion.

The U.S.-Iran conflict and a subsequent surge in crude oil prices sent currencies tumbling.

China has been gradually reducing its direct Treasury exposure since its peak in 2013, “shadow holding” in custodial countries.