中国大规模抛售美债，特朗普忧虑加深，美方紧急派员来华面谈

Core Insights - China's significant reduction of U.S. Treasury holdings in July 2025, amounting to approximately $25.7 billion, signals a critical shift in financial relations, as it coincides with a continuous increase in gold reserves, totaling about 74.02 million ounces [1][2] - The U.S. faces persistent fiscal challenges, including rising interest expenses and political gridlock, which exacerbate the situation and contribute to China's accelerated divestment from U.S. debt [3][4] - The recent diplomatic engagements between the U.S. and China, including a bipartisan congressional delegation visit, aim to stabilize market sentiment but may not address the underlying issues of trust and fiscal sustainability [2][3] Group 1: China's Actions - In July 2025, China reduced its U.S. Treasury holdings below $730 billion, marking a significant withdrawal from what was once considered a safe investment [1] - The increase in gold reserves and the reduction in U.S. debt holdings reflect a strategic shift away from reliance on the U.S. dollar, indicating a long-term reconfiguration of asset allocation [2][4] - China's actions are part of a systematic strategy to diversify its reserves and reduce dependency on the U.S. financial system, as evidenced by increased cross-border RMB payments and trade settlements [2][3] Group 2: U.S. Financial Landscape - The U.S. is experiencing a structural fiscal deficit, with rising interest payments and a lack of political consensus, which raises concerns about the sustainability of its financial policies [3][5] - The urgency of the U.S. to stabilize market conditions is evident, but the focus on short-term solutions may not suffice to rebuild long-term trust with China [4][5] - The market's reaction to these developments indicates a growing fear among investors regarding the stability of U.S. debt, as evidenced by fluctuations in bond yields following news of China's actions [4]