7月减持257亿美元 中国美债持仓再创新低

Core Insights - China reduced its holdings of US Treasury bonds by $25.7 billion in July 2025, bringing its total holdings down to $730.7 billion, the lowest level since 2009 [1] - This marks the fourth reduction of US Treasury bonds by China in 2025, continuing a trend that has persisted for several years [1] - Since April 2022, when China's holdings fell below $1 trillion, the country has consistently reduced its holdings, with reductions of $173.2 billion in 2022, $50.8 billion in 2023, and $57.3 billion in 2024 [1] Summary by Sections US Treasury Holdings - In July 2025, China’s reduction of US Treasury bonds was particularly notable as Japan and the UK increased their holdings [2] - The overall trend shows a pattern of alternating increases and decreases in holdings, with a predominant focus on reduction in 2025 [1][2] Economic Factors - The reduction in US Treasury holdings is attributed to concerns over US tariff policies and the overall fiscal situation of the US, which has led to fears in the market [2] - Analysts suggest that the credibility of the US 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] Gold Reserves - In contrast to the reduction in US Treasury bonds, the People's Bank of China has been steadily increasing its gold reserves, having done so for ten consecutive months as of August 2025 [3] - This strategy aligns with a broader trend among central banks globally to increase gold purchases amid rising geopolitical and economic uncertainties [3] - The shift towards gold is seen as a way to optimize reserve asset structures, as gold is not subject to unilateral sanctions and can effectively hedge against risks associated with the US dollar [3] Future Asset Allocation - The diversification of asset allocation is highlighted as a fundamental principle for China in optimizing its reserve asset structure moving forward [4]