Central banks have been selling Treasuries since March, according to Bank of America, in a sign that they are diversifying their holdings of US dollar assets. In the week to June 11, the holdings of Treasuries held by central banks and other official institutions at the Federal Reserve Bank of New York fell by an average of $17 billion, extending the decline since the end of March to $48 billion. In addition, foreign holdings of the Federal Reserve's reverse repurchase agreement instrument have also fallen by about $15 billion since the end of March.