趁你病，要你命！中国不动声色抽走美债筹码，这场博弈开始玩真的

Group 1 - The core viewpoint of the article highlights China's strategic reduction of U.S. Treasury holdings, signaling a complex financial battle between China and the U.S. [1] - In May, China reduced its U.S. Treasury holdings by $900 million, marking the third consecutive month of reductions, bringing the total to $756.3 billion, which is close to the psychologically significant $700 billion threshold [4][5] - From 2022 to 2024, China has cumulatively reduced its U.S. Treasury holdings by $281.3 billion, averaging over $100 billion per year, indicating a gradual and strategic approach rather than a sudden sell-off [4][5] Group 2 - China's current ranking in U.S. Treasury holdings has dropped from second to third, overtaken by the UK, allowing for more flexible operations without attracting excessive market scrutiny [8] - Three main reasons for the timing of China's actions include addressing the "U.S. debt crisis," reallocating foreign reserves into gold and industry funds, and responding to U.S. tariffs with financial countermeasures [9][13] - China's gold reserves increased to 73.9 million ounces in the first half of 2025, while $30 billion was allocated to semiconductor funds, indicating a strategic shift in resource allocation [9] Group 3 - Potential future scenarios include accelerated reductions in long-term U.S. Treasuries if the Federal Reserve is forced to cut interest rates, or a significant sell-off of short-term bonds in response to increased U.S. sanctions post-election [14][16] - If U.S.-China negotiations resume, the remaining $756.3 billion in U.S. Treasuries could serve as leverage for enhancing the international status of the Chinese yuan [16] - The article emphasizes that China's gradual reduction of U.S. Treasury holdings is a calculated move to maintain financial stability while optimizing its foreign exchange reserve structure [17][20]