China’s holdings of US Treasuries fell to the lowest level since November 2012, as the world’s second-largest economy draws down its foreign reserves to prop up the yuan. The biggest foreign holder of US government debt had $1.19 trillion in bonds, notes and bills in August, down $33.7 billion from the prior month, the biggest drop since 2013, according to US Treasury Department data released Tuesday in Washington and previous figures compiled by Bloomberg. The portfolio of Japan, the largest holder after China, fell for the first time in three months, down $10.6 billion to $1.14 trillion. China sold an estimated $570 billion in foreign-exchange assets from August 2015 to August 2016 in an effort to keep the currency from plunging.

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