Group 1 - China has reduced its holdings of U.S. Treasury bonds for the fourth time since 2025, with a significant reduction of $25.7 billion in July, bringing its total holdings down to $730.7 billion, the lowest level since 2009 [1] - The trend of reducing U.S. Treasury holdings has been ongoing for several years, with reductions of $173.2 billion in 2022, $50.8 billion in 2023, and $57.3 billion in 2024 [1] - In 2025, the reduction pace has intensified, with alternating months of increases and decreases, but primarily focused on reductions [1] Group 2 - In July, while Japan and the UK increased their U.S. Treasury holdings, China's reduction was particularly notable [2] - Factors contributing to China's reduction include U.S. tariff policies causing market panic and concerns over the U.S. fiscal situation, leading to a sell-off of long-term U.S. bonds [2] - The credibility of the U.S. dollar has been severely impacted due to domestic tax cuts and increased spending under the Trump administration, as well as questions regarding the independence of the Federal Reserve [2] Group 3 - In contrast to the reduction in U.S. Treasury holdings, the People's Bank of China has been steadily increasing its gold reserves, continuing a trend that began in late 2022 [3] - As of August 2025, China has increased its gold reserves for ten consecutive months, even in a high gold price environment [3] - The strategy of reducing U.S. Treasury holdings while increasing gold reserves aligns with the principle of maximizing returns on reserve assets amid global economic uncertainties [3][4] Group 4 - The diversification of asset allocation is a fundamental principle that China needs to follow in optimizing its reserve asset structure [4]
7月减持257亿美元,中国美债持仓再创新低
Di Yi Cai Jing·2025-09-19 14:55