中国再抛257亿美债，持仓创16年新低！全球最大债主们走向分歧

Core Insights - The latest TIC report from the U.S. Treasury reveals a complex global financial landscape, with foreign investors holding nearly $9.16 trillion in U.S. Treasury bonds, marking a record high, while major holders like China are strategically reducing their holdings [2][3] Group 1: China's Strategy - China significantly reduced its U.S. Treasury holdings by $25.7 billion in July 2025, bringing its total to $730.7 billion, the lowest level since December 2008 [3] - This reduction is part of a long-term strategic adjustment, with China decreasing its U.S. bond holdings by $173.2 billion, $50.8 billion, and $57.3 billion in 2022, 2023, and 2024 respectively [3] - The fluctuations in China's U.S. Treasury holdings since 2025 indicate a mature approach to foreign exchange reserve management, reflecting a commitment to reduce reliance on a single currency asset [5][6] Group 2: Shift to Gold - In contrast to its U.S. Treasury bond reductions, China has been increasing its gold reserves, which reached 7.402 million ounces by the end of August, marking the tenth consecutive month of increases [6] - This shift towards gold is seen as a strategic move to mitigate risks associated with unilateral sanctions and to optimize the overall structure of foreign exchange reserves [6] Group 3: Global Trends - The trend of increasing gold reserves is not unique to China; globally, central banks added 166 tons of gold in Q2 2025, reflecting a collective concern over the credibility of the U.S. dollar [6] - Japan and the UK have diverged from China's strategy, with Japan increasing its U.S. Treasury holdings by $3.8 billion and the UK by $41.3 billion, highlighting the differentiated appeal of dollar assets [6] Group 4: Dollar Credibility Concerns - Analysts attribute China's reduction in U.S. Treasury holdings to a long-standing strategy to decrease dependence on the dollar, driven by concerns over the dollar's credibility [9] - The U.S. government's rising debt levels and interest payments exceeding $1 trillion annually have intensified worries about the safety of dollar assets [11] - The ongoing decline of the dollar index, which has dropped over 10% since the Trump administration, indicates a growing trend of "de-dollarization" among nations [14]