China is exploring alternatives to US Treasuries as part of its foreign exchange reserves due to concerns about the safety and potential freezing of assets by the US government. Despite the large holdings of US securities in China's reserves, there are growing concerns about the safety of these assets due to the unhinged nature of US policies.
https://www.ft.com/content/fdad7e0b-aa23-4b7b-8f1a-fc1d48468631