"I am surprised China has not dropped more," Rogers told CNBC.com.
Asked if the US should be worried about this trend, Rogers, who does not hold US Treasurys, said: "Of course. The US should be worried about everyone lightening up – not just China."
China Cuts US Debt HoldingsGoldman, Greece Debt Swaps 'Destabilizing': ExpertBiggest Holders of US Debt
The cut in foreign holdings could force the government to make higher interest-rate payments, just as it is struggling with big budget deficits.
Asked if the trend of unloading US government debt was likely to continue, Rogers said: "Probably after this euro scare is over – which may take a good while."
Uncertainty about the size and extent of the euro zone's debt problems weighed on the euro Wednesday, despite a firming of the single currency on Tuesday on optimism that Greece will find ways to cut its deficit.
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