#土耳其清空美债 On May 21 local time, Turkey's financial markets experienced a "triple kill" of stocks, bonds, and currency, with the Istanbul Stock Exchange's National 100 Index plummeting over 6%, triggering a full market circuit breaker; the lira to US dollar exchange rate temporarily hit a record low. On the news front, Turkey's court announced the removal of the leader of the country's largest opposition party, and Turkish assets immediately faced panic selling.

On May 21 local time during trading, the lira to US dollar exchange rate briefly rebounded slightly. At midday in the US stock market, media citing informed traders reported that the state-owned banks in Turkey urgently sold about $6 billion in foreign exchange on that day to stabilize the lira. About half of this scale of selling occurred shortly after the aforementioned Turkish court ruling was announced.

Traders said that initially, there was a "large-scale, concentrated dollar sell-off" in the foreign exchange market, and only afterward did intervention efforts slow down.
According to calculations based on US Treasury Department data, Turkey nearly emptied its holdings of US Treasuries in March to bolster its currency during the first month after the outbreak of the Iran war.

Data shows that by the end of March, Turkey's holdings of US Treasuries had fallen to $1.8 billion from $16 billion the previous month. This data includes holdings by the Turkish central bank as well as other Turkish entities, including companies. The Turkish central bank usually does not comment on its intervention actions. It also declined to comment on the sale of US Treasuries.
Currently, the political turmoil in Turkey has not impacted the global financial markets.