全球狂买美债创历史新高，中国却连抛三月，一年减持860亿美元

Core Viewpoint - The latest TIC report from the U.S. Treasury reveals that foreign holdings of U.S. Treasury securities reached a record high of $9.36 trillion by the end of November 2025, indicating a significant increase of $112.8 billion from the previous month, which contrasts with the narrative of "de-dollarization" [1] Group 1: Foreign Holdings of U.S. Treasury Securities - Among the top ten holders of U.S. Treasuries, seven countries increased their holdings, while China and France reduced theirs. China's holdings fell to $682.6 billion, a decrease of $6.1 billion from the previous month, marking three consecutive months of reduction since September 2025 [3] - Over the past year, China's U.S. Treasury holdings decreased by $86 billion, from $768.6 billion in November 2024 to $682.6 billion in November 2025, while other countries collectively increased their holdings by $632.1 billion, with the increase excluding China's reduction amounting to $718.1 billion [3] Group 2: China's Strategy on Foreign Reserves - The funds from the sale of U.S. Treasuries have likely been redirected through three main channels: investing in other dollar-denominated assets, converting to non-dollar currencies like euros and yen, and diversifying foreign reserves [3] - As of November 2025, China's gold reserves increased to 7.412 million ounces, reflecting a net purchase of 1.16 million ounces over the year, valued at approximately $534 million at current gold prices. This diversification is deemed necessary due to rising U.S. federal debt and concerns over the safety of reserve assets under dollar hegemony [5] - China is expected to continue its strategy of reducing U.S. Treasury holdings while increasing gold allocations, although the pace of gold accumulation may be slow due to global supply constraints [5][6] Group 3: Diversification of Foreign Reserves - Diversification of foreign reserves is not merely about replacing dollar assets with gold, as gold supply is limited by mining capabilities and the willingness of reserve countries to sell. A more pragmatic approach involves managing U.S. Treasury holdings while allocating to gold, non-dollar currency assets, and high-quality dollar assets to create a balanced reserve portfolio [7] - Overall, China's reduction of U.S. Treasury holdings is a rational choice for risk hedging, requiring a balance between market liquidity, asset yield, and reserve safety. The management of foreign reserves will become more refined to ensure asset security while preserving value and allowing for adequate space to respond to external risks [9]