CURRENCIES -- CENTRAL BANKS BEING FORCED TO LIQUIDATE FX RESERVES
China (PBOC), Japan (BOJ) and many of the OPEX countries (specifically Saudi Arabia) are currently being forced to liquidate FX Reserves held in the form of US Treasuries as a means of funding Current Account deficits. These Current Account deficits are a result of collapsing global trade and falling energy and commodity prices.
So far the selling of US Treasuries has been offset by buying from private sector financial institutions and funds as their only real alternative to $10.4T in negative yielding bonds (NIRP).