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Ray Dalio is warning that America’s biggest foreign lenders are pulling back. China and Japan, two of the largest foreign holders of U.S. Treasuries, are showing weaker demand for American debt. China’s holdings have been cut by more than half, from $1.3 trillion in 2013 to about $618 billion. Japan still holds about $1.1 trillion. Less foreign buying could mean higher borrowing costs for the US.