抛得快又抛得巧！我国美债降到12年来最低点，目前还剩7307亿美元

Core Insights - China has reduced its holdings of US Treasury bonds by $53.7 billion from March to July, bringing the total to $730.7 billion, the lowest level in 12 years [1][3] - In contrast, China has purchased 22.7 tons of gold, indicating a strategic asset reallocation in response to geopolitical risks [1][3] Summary by Sections US Treasury Bonds - In the first two months of the year, China increased its US Treasury holdings by $25.3 billion, resulting in a net reduction of $28.4 billion over the first seven months, equivalent to approximately 202 billion RMB [3] - The reduction in US Treasury bonds is characterized by a focus on short-term securities, with 60% of the $53.7 billion reduction being in bonds with maturities of one year or less [7] Gold Purchases - The 22.7 tons of gold purchased cost approximately 113 billion RMB, indicating that over half of the funds from the reduction in US Treasury bonds were allocated to gold [3][7] - China's gold reserves have increased from 1,050 tons in 2013 to 2,320 tons, marking a significant growth and positioning China as the second-largest holder of gold globally [7] Geopolitical Context - The traditional view of US Treasury bonds as a "risk-free asset" has been challenged by geopolitical events, particularly the freezing of Russian foreign reserves, which has altered perceptions of asset safety [5] - The relationship between China and the US has deteriorated, leading to increased tariffs and supply chain restructuring, prompting China to reassess its exposure to US Treasury bonds [7] Market Dynamics - The market share vacated by China in US Treasury bonds has largely been absorbed by US commercial banks and money market funds, helping to stabilize bond yields [9] - The proceeds from the sale of US Treasury bonds have also been used to invest in other sovereign debts, such as Euro-denominated bonds, to diversify risk [9] Future Strategy - China's strategy involves a gradual and cautious reduction of US Treasury bond holdings, maintaining its position as the second-largest creditor to the US with $730.7 billion in holdings [11] - The US dollar's status as the primary global reserve currency is unlikely to change in the short term, but China aims to reduce its over-reliance on US Treasury bonds while ensuring liquidity in its foreign exchange reserves [11]