突发特讯！中方大手一挥，再抛一百一十八亿美债，加拿大动作更大，川普开始换人，引发全球关注

Core Insights - In 2025, the total amount of U.S. Treasury bonds exceeded $36 trillion, with foreign investors holding a record $9.16 trillion in July, indicating a complex shift in global financial dynamics [1][3] - Major economies are reducing their holdings of U.S. Treasuries while others are increasing their investments, which threatens the dollar's status as the world's safest asset [1][3] Group 1: China's Actions - China reduced its U.S. Treasury holdings by $25.7 billion in July 2025, bringing its total to $730.7 billion, the lowest since 2009, as part of a strategic adjustment that has been ongoing for over three years [3] - From April 2022, when its holdings fell below $1 trillion, China has cumulatively reduced its U.S. Treasury holdings by over $280 billion by 2024, further decreasing to $688.7 billion by October 2025 [3] - Other countries like Canada and India are also reducing their U.S. Treasury holdings, with Canada selling $57.8 billion in April 2025, a reduction of over 13% [3] Group 2: Shift to Gold - In response to the perceived risks of U.S. Treasury bonds, countries are increasingly turning to gold, with China's central bank increasing its gold reserves to 74.02 million ounces (approximately 2,300 tons) by August 2025, representing 7.3% of its foreign reserves [4] - Global central banks are projected to increase gold's share in official reserves to 20% in 2024, surpassing the euro for the first time [4] - Approximately 95% of surveyed central banks expect to continue increasing their gold reserves in the next 12 months, viewing gold as a stable asset during crises [4] Group 3: Diverging Attitudes Towards U.S. Treasuries - While countries like Japan and the UK are increasing their U.S. Treasury holdings, Japan added $3.8 billion in July 2025, reaching $1.15 trillion, and the UK bought $41.3 billion in the same month, pushing its holdings to a record $899.3 billion [4][6] - Japan's increase is largely due to the need for stability amid currency fluctuations and its political-military alliance with the U.S., while the UK seeks to solidify its relationship with the U.S. post-Brexit [6] Group 4: Concerns Over U.S. Fiscal Sustainability - The total U.S. national debt has surpassed $36 trillion, with annual interest payments exceeding $1 trillion, raising concerns about fiscal sustainability [6] - In May 2025, Moody's downgraded the U.S. sovereign credit rating from AAA to Aa1, reflecting growing investor concerns [6] - Political gridlock and policy uncertainty in the U.S. have further eroded international investor confidence, exemplified by a 43-day government shutdown in October 2025 [6][7] Group 5: Global De-dollarization Efforts - China is not only reducing its U.S. Treasury holdings and increasing gold but is also building a "financial escape route" with the cross-border payment system (CIPS) reaching a transaction volume of 175 trillion yuan in the first half of 2025, a year-on-year increase of 87% [9] - The share of the dollar in global official foreign exchange reserves has declined from over 70% in 2000 to 57.7% in 2025, indicating a trend towards de-dollarization [9] - Countries are exploring alternative systems, such as the EU's INSTEX payment mechanism and BRICS nations promoting local currency trade settlements, contributing to a significant shift in the global financial landscape [9]