金融战场悄然开启：中国减持美债只是幌子，真正王牌是黄金回流

Core Insights - The article discusses China's significant reduction in U.S. Treasury holdings and simultaneous increase in gold reserves, indicating a strategic shift in asset allocation [1][2][20] Group 1: U.S. Treasury Holdings - In October 2025, China reduced its U.S. Treasury holdings by $11.8 billion, bringing the total to $688.7 billion, the lowest level since the 2008 financial crisis [1] - This reduction is seen as a move to mitigate risks associated with potential credit defaults and asset depreciation in the context of rising U.S. debt and geopolitical tensions [3][5] Group 2: Gold Reserves - In the same month, China imported a record amount of gold from Russia, with exports valued at $1.9 billion in the first 11 months of 2025, marking a nearly ninefold increase year-on-year [1] - As of November 2025, China's official gold reserves reached 74.12 million ounces, reflecting 13 consecutive months of increases [1][6] Group 3: Strategic Asset Allocation - The reduction in U.S. Treasury holdings and increase in gold reserves is described as a "left-hand and right-hand maneuver," aimed at optimizing the structure of international reserve assets and reducing reliance on the U.S. dollar [2][20] - The shift towards gold is also seen as a response to the declining credibility of the dollar, which has been used as a political tool, accelerating the global trend of "de-dollarization" [5][20] Group 4: Global Gold Market Dynamics - The Shanghai Gold Exchange has emerged as a key player in the global gold market, introducing a yuan-denominated gold pricing system, which challenges the traditional dominance of London and New York [10][12] - This development is part of China's broader strategy to establish a "gold anchor" for the renminbi, enhancing its international acceptance and reducing dependency on the dollar [8][12] Group 5: International Trade and Currency Settlement - The article highlights the increasing use of the renminbi in international trade, with significant percentages of transactions in oil and energy trades being settled in renminbi [16] - This shift is part of a larger strategy to create a direct exchange channel between the renminbi and gold, bypassing the dollar-centric SWIFT system [14][20] Group 6: U.S. Response and Market Implications - The U.S. is facing challenges in finding new buyers for its expanding debt, with potential implications for interest rates and fiscal stability if major holders like China continue to reduce their holdings [18][20] - The article suggests that this trend reflects a broader market movement away from reliance on the dollar, as evidenced by other countries also reducing their U.S. Treasury holdings [18][20]