继续减持美债，但若是清空，最后结果会怎么样？

Core Viewpoint - China has been continuously reducing its holdings of U.S. Treasury bonds, with a reduction exceeding 100 billion since December 2022, leading to a total holding below 1 trillion dollars. There are predictions that China may completely divest from U.S. Treasuries [1]. Group 1: Reasons for Reducing Holdings - The ongoing interest rate hikes by the Federal Reserve have raised concerns about the potential negative impact on the U.S. economy, increasing debt repayment pressure and the risk of default [3]. - Reducing U.S. Treasury holdings has become a risk-averse strategy for China [4]. - Initially, China held a large amount of U.S. Treasuries due to trade surpluses and the need to utilize excess dollar reserves, as well as the attractiveness of U.S. Treasuries due to their safety, liquidity, and relatively higher yields [6]. Group 2: Implications of Complete Divestment - A concentrated sell-off of nearly 1 trillion dollars in U.S. Treasuries would create a temporary shock to the U.S. Treasury market, but it is expected that the Federal Reserve or U.S. financial institutions would be able to absorb these sales [6]. - The current U.S. national debt has reached an astonishing 30.3 trillion dollars, significantly exceeding its GDP, which raises concerns about potential default risks, prompting China to reduce its holdings preemptively [7].