中国狂抛，美联储无奈“隐秘购债”，中国猛囤黄金，谁将挺到最后

Core Viewpoint - The article discusses the ongoing financial tensions between the U.S. and China, highlighting China's significant sell-off of U.S. Treasury bonds and its increasing gold reserves as a strategic move against the dollar's dominance. Group 1: U.S. Treasury Bonds - The yield on the 10-year U.S. Treasury bond has risen above 4.5%, indicating market distress and raising concerns for the U.S. government [3][6] - In May, 38% of institutional investors reduced their holdings in U.S. stocks, marking the lowest level since May 2023, coinciding with a reduction in U.S. Treasury holdings [3][6] - The Federal Reserve has quietly halted its tightening plans and has begun purchasing excess U.S. Treasury bonds, acquiring $43.6 billion in the past week alone [6][10] Group 2: China's Actions - In March, China sold $18.9 billion in U.S. Treasury bonds, reducing its holdings to $765.4 billion, the lowest level in 15 years [8][10] - China's gold reserves have surged to 2,295 tons, constituting over 6.8% of its foreign exchange reserves, with a significant increase in gold trading volumes [8][11] - China is reportedly engaging in a "renminbi-gold" swap agreement with Brazil and Argentina, linking commodities directly to gold to bypass the dollar [10][13] Group 3: Global Central Bank Trends - The proportion of U.S. Treasury bonds held by global central banks has plummeted from 34% to 24%, while gold reserves have reached a new high since the dollar's decoupling from gold in 1971 [13] - Other countries' central banks have also increased their gold reserves, with 94 tons entering various central bank vaults by March 2023 [8][10] - The article suggests a growing trend of countries moving away from dollar dependency, as evidenced by transactions involving the yuan and gold [13]