Foreign investors held $9.248 trillion in U.S. Treasuries in July, down $50.4 billion from June and marking a second consecutive monthly decline. Holdings remained 1.5% above a year earlier but reached their lowest level in nine months, driven mainly by reductions from Japan, China, France and Canada. The U.K., the second-largest holder, increased its position by $58.4 billion to a record $998.3 billion. Japan remained the largest holder at $1.104 trillion, while China’s holdings fell to $618 billion, their lowest level in roughly 18 years. The decline underscores a shift in Beijing’s management of its foreign-exchange reserves, although TIC balances reflect both transactions and bond-price changes. Japan’s reduction also drew attention because of record ¥15.4 trillion currency intervention between July 30 and August 26. Net selling of U.S. Treasuries totaled $3.6 billion in July, while overall net purchases of U.S. securities fell to $83.7 billion.