China sold off billions of dollars worth of US Treasuries between February and March, according to new government data.

An update from the Treasury Department shows China's US Treasury holdings dropped $18.9 billion in one month, while most other countries increased their holdings.

The data also shows that the UK has overtaken China and is now the second-biggest foreign holder of USTs in the world.

Japan remains the biggest holder of USTs in the world, currently holding $1.13 trillion, down from $1.16 trillion a year prior.