中美是打是和？贝森特对华交底，中国运回黄金，18国将在深圳开会

Core Insights - The recent high-level call between China and the U.S. indicates a recognition of long-term competition but also the potential for cooperation [1][7][22] - China's continuous increase in gold reserves, reaching 73.9 million ounces, signals a strategic move to build a financial "moat" and reduce reliance on the U.S. dollar [3][5][14] Group 1: U.S.-China Relations - U.S. Treasury Secretary's statement reflects a realistic view of U.S.-China relations, acknowledging competition while leaving room for cooperation [7][18] - The recent appreciation of the Renminbi suggests a market reassessment of U.S.-China dynamics following the call and the Fed's interest rate cuts [7][9] - The upcoming APEC summit in Shenzhen will serve as a platform for discussing regional cooperation and financial interconnectivity [12][22] Group 2: China's Financial Strategy - China's gold purchases are part of a broader strategy to enhance the international credibility of the Renminbi and prepare for external risks [5][14] - The reduction of U.S. Treasury holdings to $700.5 billion indicates a deliberate move to decrease dollar dependency [5][9] - The potential establishment of Shenzhen as a global gold reserve center could reshape the international financial landscape [14][16] Group 3: Economic Policies - China maintains low interest rates and focuses on stabilizing its real estate market while promoting high-end manufacturing [10][24] - The contrasting economic strategies of the U.S. and China highlight a long-term structural competition rather than a short-term political game [9][20] - The APEC summit is expected to be a critical moment for China to push for the internationalization of the Renminbi and establish itself as a key player in global gold pricing [14][24]