美债中国持仓暴跌42%，香港秘密助力？中国的黄金底牌内幕揭开

Core Viewpoint - The downgrade of U.S. Treasury bonds by Moody's has led to a significant decline in global confidence, prompting countries like China and Hong Kong to reduce their holdings, which could signal a shift away from U.S. dollar assets and a potential end to dollar hegemony [1][3][12]. Group 1: Impact of Moody's Downgrade - Moody's downgrade of U.S. Treasury bonds has resulted in global financial institutions reassessing the safety of these assets, with Hong Kong's Mandatory Provident Fund being forced to sell off U.S. Treasuries due to the loss of AAA rating [3][5]. - As of May 2025, China's holdings of U.S. Treasuries have plummeted by 42% from their peak in 2013, now standing at $765.4 billion [5][7]. - The market reaction has been severe, with the 30-year Treasury yield surpassing 5%, the highest since 2007, and the U.S. dollar index dropping to around 100 [7][11]. Group 2: China's Strategy and Global Reactions - China's reduction in U.S. Treasury holdings is a strategic move to mitigate risks associated with U.S. financial policies and geopolitical tensions [7][11]. - The shift away from U.S. Treasuries is part of a broader trend where countries are increasingly turning to gold and other currencies, as evidenced by China's record gold purchases and the rise of the renminbi in cross-border transactions [11][12]. - The potential for a financial crisis is heightened as rising Treasury yields increase global borrowing costs, leading to economic distress in developing countries and impacting global financial stability [11][14]. Group 3: Political and Economic Implications - The political polarization in the U.S. has been identified as a key factor undermining trust in U.S. debt, with both major parties failing to implement fiscal tightening measures [9]. - Former President Trump's response to the downgrade has included blaming the current administration and calling for interest rate cuts to alleviate debt burdens, reflecting a lack of accountability for the rising national debt [9][14]. - The ongoing crisis may lead to a significant transformation in global finance, with predictions that 2025 could be one of the most tumultuous years since the collapse of the Bretton Woods system [14].