China’s holdings of U.S. Treasury securities fell to their lowest level in 17 years in October, amid rising concerns over U.S. debt sustainability and the Federal Reserve’s independence, which have undermined confidence in dollar-denominated assets.

According to U.S. Treasury Department data released Thursday, China’s stockpile declined to US$688.7 billion in October from US$700.5 billion in September.

The October figure marks the lowest level since November 2008 and represents a drop of more than 47% from the peak of nearly US$1.32 trillion recorded in November 2013, data from Chinese financial information provider Wind shows.