Core Viewpoint - The dominance of the US dollar is declining, with its share in global reserves falling below 58%, while the Chinese yuan has gained 4% in the past year, indicating a shift towards de-dollarization in the global economy [1][7]. Group 1: US Economic Policy and Dollar Status - The US has lost its AAA credit rating from major rating agencies, with Moody's stating that "the US fiscal situation is in chronic self-destruction" [1]. - In contrast to 2008, when China invested $400 billion in US Treasury bonds to stabilize the US economy, it is now selling off US debt and increasing its gold reserves, which have reached 73.9 million ounces (approximately 2,299 tons) [3][7]. - The Federal Reserve officials are calling for immediate interest rate cuts, with a proposed reduction to 3%, as a means to alleviate the government's interest expenses, which amount to nearly $2 trillion annually [5]. Group 2: China's Strategic Actions - The People's Bank of China has reduced its holdings of US Treasury bonds for three consecutive months, bringing its holdings to the lowest level since 2009 at $756.3 billion, while simultaneously increasing gold reserves at a record pace [7]. - The motivation behind China's gold accumulation is linked to the diminishing real yields on US debt and rising political risks associated with the US, as well as the freezing of foreign reserves of countries like Afghanistan and Russia [7]. - Global central banks are also increasing their gold reserves, with a projected addition of 1,136 tons in 2024 and 256 tons in the first quarter of 2025, indicating a broader trend towards de-dollarization [7]. Group 3: Global Trade Dynamics - The trend of de-dollarization is further emphasized by countries seeking alternative trade and settlement methods, with ASEAN nations increasingly using the yuan for transactions [8]. - The RCEP member countries have seen a 12% increase in trade, while the CPTPP has expanded to include the UK and Switzerland, showcasing a shift towards multilateral trade agreements [8]. - The Chinese CIPS system has connected with 4,000 banks across 138 countries and regions, enhancing the efficiency and cost-effectiveness of cross-border settlements [8].
美联储投降,中国运回黄金减持美债,李显龙点破真相
Sou Hu Cai Jing·2025-07-22 23:37