中方继续抽身，再抛257亿美债，美国大动脉被切，逼出2个接盘国

Core Viewpoint - China has significantly reduced its holdings of US Treasury bonds, selling $25.7 billion in July, bringing its total holdings down to $730.7 billion, the lowest level since 2009, indicating a strategic shift in asset management and a response to systemic risks in the US economy [1][5][15]. Group 1: Economic Conditions - The US economy is facing severe challenges, with GDP growth slowing and structural unemployment issues worsening, particularly among youth [3]. - The federal government debt has surpassed $37 trillion, with annual interest payments exceeding $1 trillion, raising concerns about the sustainability of US fiscal policy [3][18]. - The perception of US Treasury bonds as a "safe haven" is deteriorating due to persistent fiscal deficits and political polarization [3][13]. Group 2: China's Strategic Adjustments - China's reduction of US Treasury holdings is a proactive measure to restructure its asset safety boundaries, moving funds from high-risk dollar assets to more resilient forms of reserves, such as gold [5][15]. - The People's Bank of China has been increasing its gold reserves for ten consecutive months, reflecting a strategic pivot towards assets that are less susceptible to geopolitical risks [5][20]. - China's actions are part of a broader trend among countries to diversify away from the dollar, with many nations adjusting their foreign exchange reserve structures [5][15]. Group 3: Global Financial Dynamics - The reliance on the dollar system is increasingly viewed as a risk, prompting countries to seek alternatives and reduce their dependence on US financial instruments [7][15]. - The US is pressuring allies like Japan and the UK to absorb more US debt, despite their own concerns about the risks associated with holding such assets [8][11]. - The structural imbalance in the US fiscal system, characterized by a reliance on borrowing and increasing deficits, is leading to a potential crisis in the Treasury market [11][13]. Group 4: Future Implications - The trend of reducing US Treasury holdings and increasing gold reserves is likely to continue, as countries aim to build a more resilient financial defense system [18][20]. - China's approach is not about confrontation but rather about ensuring economic stability and security in a changing global landscape [18][23]. - The ongoing adjustments in global asset allocation will reshape the financial order, with a gradual move towards a multipolar currency system [15][20].