中方大手一挥，再抛5亿美债，美方察觉危机，全球争购中国债券

Core Insights - China has reduced its holdings of US Treasury bonds by $500 million in September 2025, marking the fifth reduction this year and bringing its total holdings down to $700.5 billion, the lowest level since 2009 [1][3] - In contrast, China's sovereign bonds issued in Luxembourg attracted overwhelming demand, with total subscriptions reaching €104.5 billion, resulting in an oversubscription ratio exceeding 26 times [1][7] Group 1: China's Strategy on US Debt - The continuous reduction of US Treasury holdings reflects China's long-term strategy to decrease reliance on dollar assets, with holdings dropping from a peak of approximately $1.3 trillion in 2013 to $700.5 billion in 2025 [3] - Other major economies, including the UK and Japan, are also reducing their US Treasury holdings, indicating a broader trend away from US debt [3] Group 2: US Economic Challenges - As of 2025, the total US federal debt has surpassed $35 trillion, with interest payments exceeding military expenditures, leading to a downgrade of the US sovereign credit rating by Moody's [5] - The actions taken by the US against Russia have raised concerns about the reliability of dollar assets, as they can be used as political tools, undermining trust in the dollar [5] Group 3: Appeal of Chinese Bonds - The strong demand for Chinese sovereign bonds, with oversubscription ratios of 30 times for previous issues, highlights the growing attractiveness of these assets as US bonds lose their appeal [7] - The opening of China's bond market has significantly increased international investor participation, with foreign institutions holding approximately 4.35 trillion RMB in onshore bonds by May 2025 [9] Group 4: Global Financial Landscape Changes - The share of the dollar in global foreign exchange reserves has declined to 57.7% as of Q1 2025, indicating a shift towards diversification in reserve currencies among central banks [13] - Initiatives like ASEAN's local currency trading plan and BRICS discussions on local currency settlements reflect a global trend towards reducing dependence on the dollar [13] Group 5: Renminbi's Growing Role - By 2025, the renminbi has become the fourth largest payment currency and the third largest trade financing currency globally, with about 30% of central banks planning to increase their renminbi reserves in the next decade [15] - China's strategy of reducing US debt holdings while increasing sovereign bond issuance and gold reserves aims to create a more resilient and diversified international financial ecosystem [15][16]