我国拒接美8500亿债务，华尔街震动的背后是一场持续18年的金融博弈

Core Viewpoint - The article discusses a significant shift in the financial relationship between the United States and China, highlighting China's declining holdings of U.S. Treasury bonds and the implications of this trend for global finance and the U.S. economy [2][3][4]. Group 1: U.S. Treasury Bonds and China's Position - In December 2025, the U.S. Treasury proposed that China purchase $850 billion in new U.S. debt, while China has reduced its holdings from a peak of $1.3 trillion to $688.7 billion over the past 12 months [2]. - China's foreign trade as a percentage of GDP has decreased from 57% in 2008 to 35% in 2025, allowing China to be more assertive in its financial decisions [3]. - The U.S. federal debt surpassed $38 trillion in 2025, with annual interest payments exceeding $1 trillion, raising concerns about the sustainability of U.S. debt [3]. Group 2: Global Trends in Debt Holdings - In October 2025, Canada sold $56.7 billion in U.S. debt in a single month, while India and Japan also reduced their holdings, indicating a broader trend of global divestment from U.S. Treasury bonds [4]. - The dollar's share in global foreign exchange reserves has fallen to 56.32%, reflecting a structural decline in the dollar's credibility [4]. Group 3: China's Financial Strategies - China has increased its gold reserves to 74.09 million ounces, with gold now making up 8% of its official reserves, indicating a strategic shift towards gold as a financial asset [5]. - The use of the CIPS system for direct payments in RMB for international trade has surged, with RMB settlements in goods trade reaching 28% in the first half of 2025 [5]. - A "triangular swap" strategy is emerging, where Chinese entities exchange U.S. debt for infrastructure services in RMB, promoting the internationalization of the Chinese currency [6]. Group 4: Impact on Global Finance - The RMB has surpassed the euro to become the second-largest trade financing currency globally, with over 80 central banks including it in their foreign reserves [7]. - The total value of offshore RMB assets reached 10.42 trillion yuan in 2025, marking a new high and indicating increased global capital flows towards China [7]. - The article suggests that while the U.S. continues to rely on outdated financial strategies, China is establishing a new financial paradigm that diminishes the necessity of the dollar [8].