中国继续减持美债、增持黄金！为啥越来越多国家“不买账”了？

Core Insights - China has significantly reduced its holdings of US Treasury bonds, with a notable decrease of $25.7 billion in July 2025, bringing its total holdings down to $730.7 billion, the lowest level since 2009 [1] - This reduction has positioned China as the third-largest foreign holder of US debt, following Japan and the UK, which have increased their holdings during the same period [1] - The trend of reducing US debt holdings began in 2022, with China offloading $173.2 billion in 2022, $50.8 billion in 2023, and $57.3 billion in 2024, indicating a growing trend of divestment [1] Group 1 - The reduction in US Treasury holdings reflects a broader shift in confidence among countries regarding US debt, with China simultaneously increasing its gold reserves as a strategy to optimize its foreign exchange reserves and reduce reliance on dollar assets [3][5] - China's central bank has been purchasing gold for ten consecutive months, indicating a strategic pivot towards gold as a more reliable reserve asset amid high gold prices [3][5] - The global central bank landscape is also changing, with the total value of gold and digital currencies surpassing the US M2 money supply for the first time in November 2024, marking a significant shift in asset allocation [3] Group 2 - In 2025, the total value of gold held by global central banks has surpassed that of US Treasury bonds for the first time since 1996, with gold now accounting for 20% of central bank reserves, second only to the dollar [5] - China's strategy of reducing US debt and increasing gold holdings aims to lower risk exposure and enhance asset security, while also facilitating the internationalization of the renminbi [5][7] - The increasing US national debt, projected to exceed $37 trillion by 2025, along with a declining credit rating and rising interest payment obligations, has contributed to diminishing confidence in US Treasury bonds [7] Group 3 - Geopolitical factors, including ongoing US-China trade tensions and financial sanctions against Russia, have prompted China to reassess the safety of holding significant assets abroad [7] - The need for a more secure and stable foreign exchange reserve structure is critical for China to promote the internationalization of the renminbi, with gold serving as a strong hedge against dollar risks [7][9] - Since reaching a peak of $1.3 trillion in US Treasury holdings in 2013, China has reduced its holdings by over 40%, while simultaneously increasing its gold reserves, indicating a strategic "reduce and increase" approach to enhance financial security and the international standing of the renminbi [7]