为什么中国越抛售剩下的越多？年初说中国还有美国国债7064亿元

Core Viewpoint - China sold $18.9 billion of U.S. Treasury bonds in March, yet the total amount of U.S. debt held by China increased from $706.4 billion at the beginning of the year to $765.4 billion, raising questions about the apparent contradiction in these figures [1][3]. Group 1: Statistical Discrepancies - The U.S. Treasury's data reflects the balance of U.S. debt held in foreign institutional accounts, not real-time buy/sell transactions, leading to potential misinterpretations of China's actions [3][7]. - China's transactions may involve intermediaries in countries like Belgium, Switzerland, and Singapore, causing the appearance of increased holdings despite sales [3][7]. Group 2: Strategic Adjustments - China is not simply liquidating its U.S. debt but is strategically reallocating its assets to more flexible and stable investments, or converting them into cash reserves [5][9]. - The ongoing U.S. fiscal deficit and declining confidence in the Federal Reserve's monetary policy are prompting China to adjust its foreign reserve strategy [5][9]. Group 3: Long-term Strategy - The management of U.S. debt holdings is part of China's broader national strategy, influenced by global market dynamics and geopolitical considerations [9][10]. - The adjustments in holdings are not random but are calculated moves in response to the evolving international financial landscape [9][10].