中方大手一挥，再抛 118 亿美债，加拿大动作更大，特朗普开始换人

Group 1 - The core viewpoint of the article emphasizes that China should proactively reduce its holdings of U.S. Treasury bonds and increase gold reserves to enhance its risk resilience against U.S. economic downturns and geopolitical uncertainties [3][5][19] - As of October, China's U.S. Treasury holdings decreased to $688.7 billion, a reduction of $11.8 billion from the previous report, marking a continued strategy of diversifying foreign reserves since falling below the $1 trillion mark in 2022 [5][8] - China's gold reserves have increased for 12 consecutive months, reaching 74.09 million ounces, indicating a strategic shift towards optimizing foreign reserve structures to hedge against dollar fluctuations and geopolitical risks [5][6] Group 2 - Canada has taken a more aggressive stance, reducing its U.S. Treasury holdings by $56.7 billion in October, the largest drop of the year, reflecting economic pressures and dissatisfaction with U.S. policies [8][10] - The reduction in Canadian holdings is seen as a response to U.S. tariffs that have negatively impacted Canadian exports, showcasing a divergence in the traditional ally relationship due to differing national interests [10][19] - The article highlights that the U.S. Treasury market is facing increased financing pressures as global capital reassesses the risk premium associated with U.S. debt, leading to a potential shift towards gold and non-dollar currencies [19][21] Group 3 - The article discusses the implications of U.S. Treasury bond fluctuations on global financial stability, noting that the U.S. faces a dilemma between maintaining economic growth and controlling debt risks amid rising interest rates and fiscal deficits [17][23] - The politicalization of the Federal Reserve under the Trump administration, with a focus on appointing dovish candidates to support rate cuts, raises concerns about the independence of monetary policy and the credibility of the U.S. dollar [13][15] - The ongoing structural imbalances in the U.S. economy, characterized by high debt and deficits, are leading to a loss of confidence in U.S. Treasury bonds, prompting countries like China and Canada to adjust their investment strategies [19][25]