China instructed banks to dial back their holdings of US Treasury debt this week, a move that sparked fresh conversations about "Sell America." Chinese regulators said the move was related to volatility and concentration risks in US debt, and it wasn't framed specifically as a critique of the dollar-led financial system. Yet, market commentators see it, in part, as an update to a broader geopolitical narrative that's gripped markets in the last year. Bloomberg reported that China's banks