李稻葵：我们为何要慢慢减持，而不是把手里的美债一口气清空？

Core Viewpoint - The company has significantly reduced its holdings of U.S. Treasury bonds, reaching the lowest level in 16 years and now ranking third globally behind Japan and the UK [1][2]. Group 1: Current Holdings and Market Dynamics - The current holdings of U.S. Treasury bonds amount to approximately $750 billion after consecutive reductions in March and April [1]. - The liquidity of the bonds held is lower compared to short-term bonds, making it impractical to liquidate the entire position at once without causing market disruption [1]. - A large-scale sell-off would likely lead to a rapid decline in bond prices, resulting in a loss of wealth for the company [1]. Group 2: Strategic Considerations - Maintaining a position in U.S. Treasury bonds serves as a strategic leverage in international negotiations, particularly in response to U.S. policies such as tariffs [2]. - The company's holdings represent only 2% of the total U.S. Treasury market, indicating that a complete liquidation would have minimal sustained impact [2]. - The upcoming two years will see a significant amount of U.S. debt maturing, and selling bonds now could adversely affect the interest rates on new debt issuance [2]. - A gradual and strategic reduction of holdings is suggested as a more beneficial approach, aligning with the company's long-term interests [2].