17年以来最低，为什么欠中国的钱变少了，美国反而更焦虑了？

Core Viewpoint - The article highlights the significant reduction of U.S. Treasury holdings by China, which has dropped to its lowest level since 2008, indicating a strategic shift in China's financial management and a potential challenge to U.S. financial dominance [1][5][20]. Group 1: China's Reduction of U.S. Treasury Holdings - China's holdings of U.S. Treasuries decreased by $11.8 billion in October, falling to $688.7 billion, marking the first time in 17 years that it has dropped below the $700 billion threshold [1][3]. - Since reaching a peak of $1.08 trillion in November 2021, China has cumulatively reduced its U.S. Treasury holdings by $391.3 billion over four years, with only four months showing slight increases [3][5]. - The current holding of $688.7 billion represents a nearly 50% reduction from the peak of $1.3 trillion in 2013 [5][14]. Group 2: Comparison with Other Countries - In contrast to China's reduction, Japan increased its U.S. Treasury holdings by $10.7 billion to $1.2 trillion, while the UK raised its holdings by $13.2 billion to $877.9 billion [3][5]. - This divergence in U.S. Treasury holdings reflects a broader financial competition between China and the U.S., with implications for global financial stability [3][16]. Group 3: China's Strategic Approach - China's strategy of reducing U.S. Treasury holdings has been cautious and orderly, opting for a "hold to maturity" approach rather than aggressive selling, which helps avoid market volatility and potential losses [5][14]. - The reduction in U.S. Treasury holdings is part of a broader strategy to diversify foreign exchange reserves, with the proportion of U.S. Treasuries in China's reserves dropping to about 20%, down from nearly 80% in 2015 [12][14]. Group 4: Implications for the U.S. Economy - The U.S. federal debt is projected to exceed $36 trillion by the end of 2025, with daily interest accumulating at approximately $5.97 million, raising concerns about fiscal sustainability [7][16]. - The reduction in demand for U.S. Treasuries from China could lead to increased borrowing costs for the U.S., with 30-year Treasury yields surpassing 5%, the highest since 1981 [16][18]. - The potential for a loss of confidence in U.S. financial instruments is exacerbated by recent actions that have weaponized financial tools, leading to a global shift towards de-dollarization [10][12]. Group 5: Future Financial Landscape - The ongoing reduction of U.S. Treasury holdings by China signifies a transformative shift in the global financial landscape, moving towards a more diversified and multipolar financial system [20][22]. - The decline in the attractiveness of U.S. dollar assets is evident, as major credit rating agencies have downgraded the U.S. credit rating, reflecting growing concerns over fiscal discipline [18][20]. - The financial chessboard is being reshaped, with China reallocating its resources towards gold, rare earths, and the internationalization of the renminbi, challenging the traditional perception of U.S. Treasuries as "risk-free" [22].