我国拒接美8500亿债务，再遭美国施压，希望中国接盘美债

Core Viewpoint - China is adjusting its foreign exchange asset allocation strategy in response to significant changes in the global financial landscape, leading to a decline in the attractiveness of U.S. Treasury bonds, which were once considered a safe investment [1][3]. Group 1: Shift in Asset Allocation - China is gradually reallocating its assets towards gold, RMB-denominated assets, and diversified economies along the Belt and Road Initiative, focusing on asset diversification and risk mitigation [3][5]. - The shift away from U.S. Treasury bonds is influenced by the 2022 freezing of Russian central bank assets, raising concerns about the safety of dollar-denominated assets amid potential sanctions [5][7]. - The increasing U.S. fiscal deficit and downgrading of U.S. Treasury credit ratings by international agencies have made investors wary of U.S. debt, reflecting a growing lack of confidence in the U.S. financial system [7][13]. Group 2: Internationalization of the RMB - In 2024, Saudi Arabia and China signed multiple oil trade contracts partially settled in RMB, enhancing the internationalization of the currency and providing China with more confidence to reduce its U.S. Treasury holdings [9][14]. - The number of countries participating in the RMB cross-border payment system is increasing, with RMB becoming the fifth largest global payment currency, indicating its growing international influence [14]. Group 3: Global De-dollarization Trend - The trend of de-dollarization is not unique to China, as emerging economies like India and Turkey are also accelerating their efforts to reduce reliance on the dollar by increasing gold holdings and expanding local currency settlements [15]. - Major economies, including Saudi Arabia, Russia, and Japan, are reducing their U.S. Treasury holdings, indicating a global shift in capital flows and a gradual move towards a multi-currency system [13][15]. - The global financial market is witnessing a mainstream trend of de-dollarization, with countries adjusting their strategies to navigate the changing financial landscape [17].