The US Treasury's report on International capital flows shows that, May saw record buying in US Stocks by foreigners...
And sold Treasuries...
Foreign net selling of Treasuries at $27.7b
Foreign net buying of equities at $79.7b
Foreign net buying of corporate debt at $13.6b
Foreign net buying of agency debt at $2.4b
As an aside, it was central banks that were buying US Treasuries (+10) as private foreigners sold (-$37bn) as The Fed’s foreign-exchange swap lines were still in place during May, offering foreign central banks an alternative to selling Treasury holdings to meet dollar-funding needs and support their currencies.
Ireland (+$23.2bn), UK (+19.7bn), India (+12.5bn), and Hong Kong (+$11.4bn) led the official Treasury buying and China increased its US Treasury holdings in May by $10.9bn (the latest data for which TIC is reported)...
As Japan reduced its holdings, down $5.8bn (but remains America's largest foreign debt holder)...
France (-$7bn) was the biggest official net seller of US Treasuries in May.
And finally, we note the overall trend towards de-dollarization continues...