对美又有新动作！中国抛弃118亿美债创17年新低，美元霸权遭挑战

Core Viewpoint - China's reduction of $11.8 billion in U.S. Treasury bonds in October has brought its holdings down to $688.7 billion, the lowest level since November 2008, indicating a long-term trend of decreasing reliance on U.S. debt [2][4][42] Group 1: Long-term Trends - China's U.S. Treasury holdings peaked at $1.32 trillion in January 2013 and have since been nearly halved, reflecting a sustained downtrend over several years [5][7] - The cumulative reduction exceeds $600 billion, highlighting a significant long-term shift rather than a short-term market reaction [9][11] Group 2: Motivations Behind the Reduction - The primary reason for the reduction is growing concerns over the sustainability of U.S. debt, as the U.S. has frequently raised its debt ceiling and engaged in practices that raise doubts about fiscal discipline [15][17] - China's strategy of reducing its U.S. Treasury holdings is a rational risk-avoidance measure in response to increasing risks associated with U.S. debt [20][22] Group 3: Shift in Global Attitudes - The reduction has led to a noticeable divergence in how major economies view U.S. debt, with Japan and the UK increasing their holdings while China and Canada reduce theirs [31][35] - This shift indicates a changing consensus on the safety of U.S. assets, challenging the long-standing dominance of the dollar [42][45] Group 4: Asset Diversification - Concurrently, China has been increasing its gold reserves, which now stand at 74.12 million ounces, as a safer alternative to U.S. Treasury bonds [22][24] - The strategy of "selling U.S. debt and accumulating gold" reflects a broader trend of moving towards more stable and secure assets [28][40] Group 5: Implications for Global Financial Landscape - China's actions may serve as a reference model for other countries, potentially leading to a broader reevaluation of dollar-denominated assets globally [40][42] - As more countries recognize the risks associated with U.S. assets and diversify their reserves, the foundational support for dollar hegemony may weaken, paving the way for a more balanced global financial system [45]