中方大手一挥再抛118亿美债，降至2008年来最低点，再过5年或清空

Core Viewpoint - China has significantly reduced its holdings of US Treasury bonds, contrasting with other countries like Japan and the UK, which have increased their investments. This trend reflects a reassessment of the risks associated with US debt amid rising fiscal deficits and fluctuating interest rate expectations [1][2]. Group 1: Reasons for China's Reduction of US Treasury Holdings - The first reason for China's reduction is skepticism about the authenticity of US economic data, leading to concerns about the underlying health of the US economy. This skepticism is compounded by the apparent bubble in high-tech stocks, raising doubts about their sustainability [2][3]. - The second reason is the increasing uncertainty in US-China relations, where US Treasury bonds may become a tool for the US to exert pressure on China. By reducing its holdings, China aims to mitigate risks associated with US assets and enhance its negotiating position [3][4]. - The third reason is China's strategy of gradually reducing its holdings in small batches, which helps avoid a sudden collapse of the dollar that could adversely affect China's trade while signaling its concerns about the credibility of US debt [3][4]. Group 2: Implications of China's Actions - China's reduction of US Treasury holdings could influence global economic dynamics, as it may affect other countries' confidence in US debt and their investment strategies. A broader trend of divestment could undermine the dollar's status as the world's reserve currency [4][5]. - This action may accelerate China's diversification of foreign exchange reserves, prompting investments in other countries' bonds, stocks, and commodities, thereby enhancing the safety and diversity of its reserves [5]. - The US government, particularly under the Trump administration, is likely to be concerned about China's divestment, but may find itself limited in its ability to respond effectively, potentially leading to a decline in the dollar's dominance [5].