大豆贸易回暖叠加黄金回运，中美2026密集互动背后博弈持续

Group 1 - The core viewpoint of the article highlights China's strategic approach in trade negotiations with the U.S., particularly regarding soybean imports and the return of gold reserves [1] - Since November, imports of U.S. soybeans have been steadily increasing, reflecting a structured approach rather than a spontaneous gesture, indicating a balance of trade based on actual domestic demand [1] - The Chinese Ministry of Commerce has made it clear that expanding trade is contingent upon the U.S. lifting unreasonable tariffs, framing current purchases as pragmatic cooperation [1] Group 2 - Concurrently with soybean shipments, China is actively repatriating gold from overseas, which is perceived by Russian financial institutions as an attempt to challenge the status of the "global foreign gold reserve storage center" [1] - The U.S. Treasury Secretary's remarks about China being a "natural competitor" reveal the complex dynamics of U.S.-China relations, where the U.S. seeks to benefit from the Chinese market while maintaining a strategic containment stance [1] - Recent discussions in the U.S. about potentially easing restrictions on exports of Nvidia's H200 chips to China are seen as a reluctant concession driven by corporate pressures, particularly from Nvidia, which fears losing market share to competitors [1]