中国减持美债、增持黄金！金融突围背后的大棋局

Core Viewpoint - China has significantly reduced its holdings of U.S. Treasury bonds as a strategic response to U.S. pressure, indicating a shift towards financial adjustment rather than direct confrontation [1][3][12] Group 1: Reduction of U.S. Treasury Holdings - In July 2025, China reduced its U.S. Treasury holdings by $182.9 billion, bringing total holdings down to $730.7 billion, the lowest level since 2009 [1] - Since 2022, China has cumulatively reduced its U.S. Treasury holdings by $586 billion, a decrease of 45% [1] Group 2: Increase in Gold Reserves - China has been increasing its gold reserves for 15 consecutive months, reaching 3,400 tons, making it the largest buyer among global central banks [3][9] - The strategy of increasing gold holdings is aimed at reducing dependence on U.S. dollar assets and enhancing financial security [3][12] Group 3: Shift Towards Currency Diversification - The proportion of U.S. dollar assets in China's foreign exchange reserves has decreased from 79% in 2015 to 58% in June 2025, while the share of gold, non-U.S. currencies, and commodities has increased [5] - China is promoting the use of the renminbi in international trade, supported by initiatives like the Belt and Road Initiative and the CIPS system, which covers over 180 countries [9] Group 4: Global De-dollarization Trend - The trend of global de-dollarization is becoming more pronounced, with countries like the EU and India moving towards alternative currencies for trade settlements [6][8] - Former U.S. Treasury Secretary Summers acknowledged that using the dollar as a sanction tool is pushing other countries to seek alternatives [6] Group 5: Strategic Financial Positioning - China's financial strategy is characterized as a proactive defense and a steady pursuit of progress, aiming to minimize risks rather than directly confront the U.S. [3][11] - The overall financial landscape is shifting towards a multi-currency system, moving away from the dollar's dominance [11]