我国连续大量的抛售美债，总规模已十分巨大，那钱去了哪里了？

Core Viewpoint - China has significantly reduced its holdings of US Treasury bonds over the years, moving from a peak of $1.3167 trillion in 2013 to approximately $730.7 billion by mid-2025, reflecting a strategic shift to diversify its foreign reserves and mitigate risks associated with US monetary policy and global trade tensions [2][4][15]. Group 1: Reduction Timeline - In 2018, China began selling US Treasuries, reducing its holdings by about $50 billion as US interest rates rose [2]. - By 2019, amid escalating trade disputes, China sold over $100 billion, bringing its holdings down to $1.06 trillion [4]. - In 2020, China further reduced its holdings by $80 billion, stabilizing at $1.05 trillion [4]. - The trend continued in 2021 with a reduction of $120 billion, dropping below the $1 trillion mark [4]. - In 2022, China sold $150 billion, resulting in a total holding of $850 billion [4]. - By 2023, the pace of selling accelerated, with a total reduction to $800 billion [6]. - As of 2025, cumulative reductions exceeded $500 billion, with holdings at their lowest since 2009 [6][15]. Group 2: Reasons for Reduction - The primary driver for the reduction has been the increase in US interest rates, which has led to lower bond prices and higher holding costs for investors [8]. - The appreciation of the US dollar has introduced additional exchange rate risks, prompting China to seek diversification [8]. - Global trade protectionism and unilateral actions by the US have further motivated China to reduce its reliance on US assets [8][15]. Group 3: Reallocation of Funds - Proceeds from the sale of US Treasuries have been redirected towards diversifying foreign reserves, including increased investments in gold, euros, and yen [10][11][17]. - By mid-2025, China's gold reserves reached approximately 2,298.53 tons, reflecting a strategic pivot towards more stable assets [10][11]. - The overall foreign reserve balance remained stable at around $3.3 trillion, despite fluctuations in specific asset classes [8]. Group 4: Strategic Implications - The shift towards gold and other currencies is aimed at enhancing China's financial security and reducing vulnerability to US monetary policy fluctuations [15]. - China's strategy aligns with a broader trend of de-dollarization, as it seeks to strengthen its international financial standing and reduce dependence on the US dollar [15][17]. - The diversification of reserves is expected to bolster China's economic resilience and enhance its role in global finance [13][17].