中国“主动让位”，减持美债退出美最大债主行列，耶伦的预言成真

Core Insights - The U.S. national debt has surged to $36 trillion, creating significant pressure on the economy, while China has quietly reduced its holdings of U.S. Treasury bonds by $18.9 billion, dropping from the top two holders to third place, with the UK now in second position [1][4][11] Group 1: U.S. Treasury Bonds and China's Position - As of March 2025, China has reduced its U.S. Treasury holdings by approximately $18.9 billion, leading to a further decline in its position as a major holder of U.S. debt [1][4] - The UK's holdings of U.S. Treasury bonds have increased to $779.3 billion, allowing it to surpass China as the second-largest holder [1][4] - China's gradual reduction of U.S. Treasury bonds reflects a cautious approach influenced by U.S. trade policies and economic strategies [7][11] Group 2: Market Reactions and Global Implications - From February to April, long-term U.S. Treasury yields rose by 0.7 percentage points, leading to speculation that China was aggressively selling off its holdings [2][4] - Former U.S. Treasury Secretary Janet Yellen indicated that the market turmoil was not solely due to China's actions but was a broader reaction to U.S. trade policies, suggesting a global market impact [4][11] - The ongoing trade tensions and China's strategic shift towards domestic investments have contributed to a decline in confidence regarding U.S. Treasury bonds [7][11] Group 3: U.S. Economic Policy Challenges - The U.S. national debt has been increasing annually since Trump's administration, raising concerns about the sustainability of relying on debt issuance [7][11] - Suggestions within the U.S. financial community include issuing more short-term bonds to attract retail investors or increasing domestic taxes to address the fiscal gap, though these options carry their own risks [11] - The persistent reduction of China's U.S. Treasury holdings serves as a reminder of the potential long-term consequences of the U.S. fiscal policy and trade strategies [11]