美论坛提问：为何中国明知我们可能不偿还，却仍要购买美国国债？

Core Insights - The article discusses the shifting dynamics of global economic power, highlighting the decline of the US dollar's dominance and the increasing influence of China in the global economy [1][2]. Group 1: US Debt Situation - The US national debt has surpassed $37 trillion, growing at an alarming rate of $100,000 per second, with daily obligations to repay $25 billion in old debt [1][2]. - The US Treasury is under pressure, as indicated by a satirical online post reflecting the precarious state of US debt management [1]. Group 2: China's Strategic Moves - China's decision to increase its holdings of US Treasury bonds by $1 billion, shortly after the Trump administration paused tariff increases on China, is seen as a calculated strategic maneuver [2][4]. - This move comes amid a volatile US bond market, where the yield on 10-year Treasury bonds dropped from 4.5% to 4.3%, resulting in a paper gain of $7.6 billion for China on its existing $756.4 billion holdings [2]. Group 3: Gold and Currency Dynamics - China has halted its 18-month streak of significant gold purchases due to high international gold prices, opting instead to manage liquidity by investing in short-term US Treasury bonds [2][4]. - The increase in China's US Treasury holdings, although minor at 0.013% of total holdings, sends a significant signal to the US, especially as it continues to reduce its overall US debt holdings [2][4]. Group 4: Implications for Global Economy - The article suggests that China's actions are gradually undermining the US dollar's hegemony, with the yuan's cross-border payment share rising to 12.8% and acceptance of digital yuan in Saudi oil trade [4][6]. - As US annual debt interest payments exceed $1 trillion, China's careful management of its US debt holdings reflects a strategic balancing act, indicating a profound shift in the global economic landscape [6].