一觉醒来，中国减持189亿美债！抛售美债潮来了？

Core Viewpoint - The article discusses the complexities surrounding the notion of "weaponizing" U.S. Treasury bonds by China, emphasizing that while there has been a reduction in holdings, it does not equate to a strategic weaponization of these assets [1][6][29]. Group 1: U.S. Treasury Holdings - As of March, China holds $765.4 billion in U.S. Treasury bonds, making it the third-largest holder, while Japan remains the largest with $1.1308 trillion [1][4]. - In March, other countries like the UK increased their holdings, with the UK's total reaching $779.3 billion, surpassing China's holdings [1][4]. - Despite a $18.9 billion reduction in long-term U.S. Treasury bonds by China in March, this is viewed as a normal adjustment rather than a significant sell-off [2][5][29]. Group 2: Market Dynamics and Reactions - The overall foreign investment in U.S. Treasury bonds increased by $233.1 billion in March, indicating strong demand despite China's actions [5]. - The article highlights that the recent sell-off of U.S. Treasuries is primarily driven by market behavior rather than a coordinated effort by China [18][21]. - The relationship between U.S. Treasury yields and market confidence is discussed, noting that rising yields can lead to increased borrowing costs for the U.S. government [11][22]. Group 3: Strategic Considerations - The concept of "de-dollarization" is mentioned, with China gradually reducing its U.S. Treasury holdings since the Trump administration, but this is framed as a long-term strategy rather than an immediate weaponization [20][26]. - The potential consequences of a large-scale sell-off of U.S. Treasuries by China could destabilize the market and lead to significant losses for China itself [23][26]. - The article argues that maintaining a substantial amount of U.S. Treasuries is crucial for China to stabilize its currency and manage financial risks [26][28].