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金融格局大洗牌,中国减持美债囤积黄金,美元霸权还能支撑多久?
Sou Hu Cai Jing·2025-09-22 14:21

Core Insights - China has significantly reduced its holdings of US Treasury bonds, now standing at over $730 billion, down from a peak of $1.3 trillion, indicating a strategic shift in response to global financial dynamics [3] - The reduction in US debt holdings is part of a cautious, phased approach, with China simultaneously increasing its gold reserves, reflecting a broader trend among central banks globally [3][6] - The rising US national debt, currently at $37 trillion, and the associated fiscal pressures have led to diminishing confidence in the dollar, prompting a diversification of assets among international investors [5] Group 1: China's Strategy - China is strategically reducing its reliance on US Treasury bonds while increasing gold reserves, which enhances its financial security and reduces vulnerability to potential financial risks [8][10] - The shift towards gold is not isolated to China; global central banks have collectively purchased over 1,000 tons of gold since 2022, indicating a significant trend away from dollar dependency [6] - This adjustment in asset allocation is aimed at maintaining stability in the face of increasing financial volatility and is part of a broader push for the internationalization of the renminbi [10] Group 2: Global Financial Dynamics - The contrasting strategies of Japan and the UK, which continue to increase their US Treasury holdings, highlight the unique position of China in the current financial landscape [8] - The ongoing diversification of global capital flows and the increasing appeal of gold challenge the traditional dominance of the dollar, suggesting a potential shift in the international monetary system [10] - China's actions serve as a model for other nations, encouraging a reevaluation of their own financial strategies in light of the evolving global economic environment [10]