美债迎来坏消息，中国抛售万亿美债，持仓量创17年新低

Group 1 - China sold $25.7 billion in U.S. Treasury bonds in one month, reducing its holdings to $730.7 billion, the lowest level since 2009, and a decline of over 40% from the peak of $1.3 trillion in January 2013 [1] - A bipartisan delegation from the U.S. Congress visited Beijing on September 21, 2025, to discuss the possibility of China pausing or slowing down its bond sales, marking the first visit by a House delegation since 2019 [1] - China's bond reduction is part of a continuous trend since April 2022, with significant reductions of $173.2 billion in 2022, $50.8 billion in 2023, and $57.3 billion in 2024, with a cumulative net reduction of $53.7 billion in the first seven months of 2025 [3] Group 2 - In contrast to China's actions, Japan increased its U.S. Treasury holdings to a record $1.147 trillion in June-July 2025, while the UK also raised its holdings to $858.1 billion during the same period [3] - Japan's increase in Treasury holdings is driven by a trade surplus with the U.S. and the higher yields of U.S. bonds compared to its domestic rates, reinforcing economic ties under the U.S.-Japan alliance [3] - The UK's situation is influenced by its role as a global financial hub, with many hedge funds and institutions holding U.S. bonds through UK accounts, alongside the uncertainty post-Brexit and the higher yields of U.S. bonds compared to UK government bonds [5] Group 3 - China's ongoing reduction of U.S. Treasury bonds reflects deep concerns about the U.S. fiscal situation and the credibility of the dollar, especially after Moody's downgraded the U.S. credit rating from AAA to Aa1 in May 2025 [5] - The U.S. federal debt has reached $37 trillion, with annual interest payments exceeding $1 trillion, raising concerns about the sustainability of U.S. fiscal policy [5][6] - The U.S. government is increasingly reliant on borrowing to service its debt, leading to heightened repayment pressures, with interest payments surpassing defense spending for the first time in fiscal year 2024 [6] Group 4 - Concurrently, the People's Bank of China has been increasing its gold reserves for ten consecutive months, reaching 74.02 million ounces by the end of August 2025, as gold serves as a hedge against dollar risk [8] - Global central banks are also increasing their gold reserves, with a reported increase of 166 tons in Q2 2025, indicating a structural shift in the global reserve system [8] - The internationalization of the renminbi is progressing, with cross-border settlement exceeding 500 billion yuan in 2025 and significant growth in the renminbi's share of cross-border payments [10] Group 5 - China's significant bond sales have impacted global markets, with the 30-year U.S. Treasury yield surpassing 5%, leading to forced liquidations in hedge funds and affecting approximately $800 billion in related transactions [12] - During the U.S. delegation's visit, former President Trump indicated a willingness to negotiate on various issues, but China emphasized the need for the U.S. to take concrete actions to resolve longstanding issues before financial cooperation could be considered [12] - The U.S. national debt has surpassed $38 trillion, with projections indicating that interest payments alone could reach $14 trillion over the next decade, highlighting the deteriorating fiscal situation [12]