特讯，中俄通告全球，去美元化第一枪打响，中方减持美债至7005亿，俄发二百亿人民币债，人民币或重回6时代

Core Insights - Recent events in the global financial market have been likened to a "Pearl Harbor attack" for the financial system, with significant implications for the dominance of the US dollar [1] Group 1: US Debt and Economic Concerns - As of October 2025, the total US federal debt has reached an alarming $38 trillion, with a fiscal deficit of $1.3 trillion halfway through the fiscal year [3] - The yield on 10-year US Treasury bonds has surpassed 4.5%, leading to substantial interest payment obligations for the government [3] - Moody's has downgraded the US sovereign credit rating from the highest Aaa level, reflecting growing market concerns about the world's largest debtor nation [3] Group 2: China's Strategy and Gold Reserves - China has been reducing its holdings of US Treasury bonds, viewed as a precautionary measure, while simultaneously increasing its gold reserves, which reached 74.02 million ounces by the end of August 2025 [5] - The global central bank gold buying trend is evident, with over 90% of central banks indicating plans to continue purchasing gold [5] Group 3: Russia's Move Towards Yuan Bonds - Russia plans to issue its first sovereign bond denominated in yuan, with attractive interest rates between 6.25% and 6.5%, as a response to being excluded from the SWIFT system [7] - The issuance of yuan-denominated bonds serves dual purposes: providing necessary funding for the Russian government and utilizing excess yuan held by exporters [7] Group 4: Implications for Currency Dynamics - Russia's actions symbolize a significant shift away from dollar reliance, showcasing the potential for other currencies, like the yuan, to be used for sovereign financing [9] - The internationalization of the yuan is gaining momentum, with countries like Hungary, Indonesia, and the UAE issuing yuan bonds, indicating a growing presence of the yuan in global finance [9] Group 5: Market Reactions and Currency Strength - China's sovereign bonds have been well-received in Europe, with a recent issuance in Luxembourg attracting over 26 times the subscription amount, highlighting a preference for different credit foundations [11] - The yuan has strengthened against the dollar, with the exchange rate surpassing 7.07, driven by improvements in China's economic fundamentals [11] Group 6: Strategic Implications of China's Debt Holdings - China's gradual reduction of its US Treasury holdings is seen as a strategic move, maintaining leverage while minimizing risks associated with a sudden sell-off [13] - The current holdings of over $700 billion in US debt act as a financial deterrent, potentially impacting US financing costs if liquidated abruptly [13] Group 7: Future Currency Landscape - Morgan Stanley's 2025 report predicts a future where the global currency landscape will feature a tripartite system of dollar dominance, euro stability, and yuan diversification [14] - The issuance of yuan-denominated bonds by Russia marks a critical milestone in this evolving trend towards a multipolar currency system [14]