7月中国减持257亿美债，已是今年第四次减持，释放了什么信号？

Core Viewpoint - China has significantly reduced its holdings of U.S. Treasury bonds, marking the fourth reduction in 2023 and reaching a historical low, reflecting a strategic shift in foreign reserve management and a response to changing U.S.-China relations [1][5][11]. Summary by Sections Reduction in U.S. Treasury Holdings - In July, China reduced its U.S. Treasury holdings by $25.7 billion, the largest reduction since 2009, bringing total holdings down to $730.7 billion, a decrease of over 40% from the historical peak of $1.3 trillion [1][6][11]. - The overall trend for 2023 shows alternating increases and decreases in holdings, with a net reduction of $50.8 billion in the first seven months [5][11]. Strategic Reasons for Reduction - The reduction is attributed to a desire to diversify foreign reserves and reduce reliance on the U.S. dollar, especially in light of deteriorating U.S.-China relations since the Trump administration [8][9][15]. - Factors influencing this decision include U.S. tariffs on Chinese goods, domestic tax cuts, and concerns over the credibility of the U.S. dollar [9][15]. Comparison with Other Countries - While China is reducing its holdings, Japan has increased its U.S. Treasury holdings to $1.15 trillion, maintaining its position as the largest foreign holder of U.S. debt [1][11]. - Other countries, such as the UK, are also increasing their investments in U.S. Treasuries, indicating a divergence in strategies among major economies [11][13]. Broader Implications - The ongoing reduction in U.S. Treasury holdings is part of a larger trend of de-dollarization, with the dollar's share of global foreign reserves declining from 67.2% a decade ago to 58.9% [15]. - China's strategy includes increasing gold reserves as a non-credit asset to enhance stability and reduce risk exposure [15][16].