全球去美元化暗流涌动！中国再抛61亿美债，特朗普压力山大，美媒哀叹：只剩下一条路可走

Core Viewpoint - The recent report from the U.S. Treasury indicates that China has reduced its holdings of U.S. Treasury bonds by $6.1 billion, bringing its total holdings to $682.6 billion, the lowest level since the 2008 financial crisis. This trend contrasts with other countries like Norway, Canada, and Saudi Arabia, which are increasing their U.S. bond holdings, while Japan maintains over $1.2 trillion in U.S. debt. Analysts view China's actions as both "abnormal" and "normal," reflecting a strategic shift in response to U.S. political dynamics and economic conditions [1][3][4]. Group 1 - The first layer of consideration points directly to former President Trump, whose unpredictable policy shifts create uncertainty for investors holding U.S. assets. His public criticism of the Federal Reserve and threats to its leadership have raised questions about the Fed's independence, leading rational investors to reduce their U.S. bond holdings as a risk mitigation strategy [3][4]. - The second layer of reasoning suggests that China has found better investment alternatives, as U.S. federal debt approaches $40 trillion, with a debt-to-GDP ratio of 123%, significantly exceeding the 60% threshold. This raises sustainability concerns, making assets like gold, non-U.S. currencies, and quality equity investments more attractive [4][6]. Group 2 - Data shows that the People's Bank of China has increased its gold reserves for 14 consecutive months, reaching 74.15 million ounces by the end of December 2025. This signals a clear shift in asset allocation towards physical assets and diversification away from U.S. debt [6]. - China's ongoing reduction of U.S. Treasury holdings has prompted concern among U.S. politicians, as its previous status as the largest foreign holder of U.S. debt gives its actions significant market implications. The timing is critical, with pending Supreme Court decisions on Trump's tariff powers potentially leading to broader market sell-offs [6][8]. - The U.S. requires stable Chinese holdings of U.S. debt to instill market confidence, as Japan cannot fulfill this role alone. The complexity of U.S.-Japan relations, coupled with the need to solidify alliances with Europe and other traditional partners, is crucial for U.S. strategy against China [8][10]. - The evolving dynamics in Europe, where countries like Germany and France are seeking closer ties with China, and South Korea's clear stance on cooperation with China, indicate a shift away from U.S. dominance. This situation leaves the U.S. in a precarious position, potentially isolated if it cannot maintain strong alliances [10][11]. - The internal pressures within the U.S., including rising living costs and public dissatisfaction, contrast sharply with the optimistic economic narrative presented by Trump. This disconnect could undermine his support and the U.S.'s global influence [11][13]. - The global response to China's reduction of U.S. debt holdings is prompting a reevaluation of reliance on dollar-denominated assets, with movements towards de-dollarization being observed in various regions, including Europe and the Middle East [13].