特朗普准备换将，中国运回大批黄金，美债恐出现抛售潮？

Core Viewpoint - The article discusses the potential replacement of the Federal Reserve Chairman by Trump, the continuous increase of gold reserves by China for 13 months, the ongoing reduction of U.S. Treasury holdings, and the changing global financial landscape [1]. Group 1: Federal Reserve and Political Influence - Trump's announcement of a new Federal Reserve Chairman by early 2026 caused immediate market reactions, with the dollar index dropping by 0.06% [3]. - The potential candidate, Kevin Hassett, is a close ally of Trump and has expressed a willingness to lower interest rates, which could undermine the independence of the Federal Reserve [9][11]. - Hassett's criticism of the Federal Reserve's current policies suggests a shift towards more political influence over monetary policy, raising concerns about the institution's credibility [13][19]. Group 2: Gold Reserves and Global Trends - Central banks globally are increasingly purchasing gold, with a report indicating a 36% increase in gold purchases in October compared to September, totaling 254 tons in the first ten months of the year [28]. - China has been a significant player in this trend, increasing its gold reserves to approximately 2305 tons, marking the 13th consecutive month of increases [31]. - Countries are moving their gold reserves to China, viewing it as a safer option compared to Western institutions, which have shown volatility in asset security [35][39]. Group 3: U.S. Treasury Holdings - There is a noticeable decline in global interest in U.S. Treasuries, with China reducing its holdings to $700.5 billion, the lowest since 2009 [43]. - The ongoing reduction in U.S. Treasury holdings by various countries reflects a growing skepticism about the stability of the dollar, especially if the Federal Reserve becomes more politicized [41][45]. - The potential for panic selling of U.S. Treasuries could lead to a significant rise in yields, increasing borrowing costs for the U.S. government [45]. Group 4: Future Implications - If Hassett becomes the Federal Reserve Chairman, the independence of the institution may further erode, accelerating the decline of trust in the dollar and potentially positioning China as a new global gold trading center [51][53]. - The article suggests that the U.S. is inadvertently creating opportunities for China to strengthen its position in the global financial system by undermining the credibility of the dollar [53].