中国为什么不用抛售美债对抗美国？

Core Viewpoint - China does not resort to selling US Treasury bonds as a countermeasure against the US due to its significant foreign exchange reserves and the potential risks associated with such actions [1][5][6]. Group 1: China's Economic Position - As of early 2025, China holds $784.3 billion in US Treasury bonds, equivalent to approximately 5.65 trillion RMB at an exchange rate of 1:7.2 [3][4]. - China's foreign exchange reserves stand at $3.2 trillion, with over half in US dollar assets, primarily in the form of US Treasury bonds [4][5]. Group 2: Reasons for Holding US Treasuries - Foreign exchange reserves are crucial for stabilizing the currency and managing macroeconomic conditions, especially during times of pressure on the RMB [5][6]. - Selling off large amounts of US Treasuries could lead to a significant drop in their prices, adversely affecting China's own financial position [5][6]. Group 3: Future Considerations - While China has been gradually reducing its holdings of US Treasuries since their peak of $1.2 trillion in 2020, it is unlikely to completely divest from them in the near future [6][7]. - A large-scale sale of US Treasuries by China would only occur under extreme circumstances, such as a loss of confidence in the US dollar or significant political issues [7][8].