From Zero Hedge:
While to many Quantitative Tightening is a novel concept, the reality is that China (+ Euroclear) have been dumping Treasurys and liquidating reserves since January when total holdings peaked at $1.6 trillion last summer, and have since declined to $1.38 trillion. It means that China has sold a quarter trillion dollars worth of Treasurys in the past year, in the process offsetting what would have been about 25% of the Fed's QE3.
http://www.zerohedge.com/news/2015-10-17/china-officially-sold-quarter-trillion-treasurys-past-year-unofficially-much-more-an
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