China’s treasury securities fell by 0.1%, or $1.5 billion, in November to $1.13 trillion, according to Treasury data and the bill holdings fell 12% to $2.3 billion as yields on the debt approached lows of the year, and total foreign demand accelerated.

Although China is the largest foreign holder of US treasury securities, UK buyers are often seen as a proxy for Chinese investors. UK buyers’ holdings of treasury notes rose by 4.4% to a record high $429.4 billion in November after declining in October for the first time since June 2010, according to the treasury data. Investors in the U.K. have increased their holdings 59 percent this year.