游戏结束，中国大规模抛售美债！特朗普政府已通知中方，一个不变

Core Viewpoint - China has been reducing its holdings of U.S. Treasury bonds for nine consecutive months, reaching a low of $682.6 billion in November 2025, as part of a strategy to optimize foreign exchange reserves and reduce reliance on dollar assets [2][4][8]. Group 1: Reduction of U.S. Treasury Holdings - In November 2025, China's U.S. Treasury holdings decreased by $6.1 billion from October, marking the lowest level since 2008 [2]. - The reduction began in early 2025, with an average monthly decrease of several billion dollars, leading to a total reduction of approximately $120 billion for the year [4][8]. - By July 2025, China's holdings fell below $750 billion, prompting attention from Washington regarding the implications for borrowing costs [6]. Group 2: Shift in Asset Allocation - China has been increasing its gold reserves, surpassing 2,100 tons by the end of 2025, as a response to concerns about the sustainability of U.S. debt [4][8]. - The Chinese government emphasized the diversification of its asset allocation to reduce dependence on a single currency, particularly in light of rising U.S. debt levels [6][10]. - The strategy includes a pivot towards emerging market bonds, indicating a significant shift in investment focus [8]. Group 3: Impact on U.S. Treasury Market - The reduction in Chinese holdings, although a small percentage of total foreign ownership, has the potential to increase U.S. Treasury yields, as noted by analysts [4][8]. - In May 2025, U.S. Treasury auction rates saw a slight increase, attributed in part to adjustments by Asian investors, including China [4][8]. - The overall foreign ownership of U.S. Treasuries rose to approximately $9.5 trillion, with other countries like Belgium and Canada increasing their holdings [2][4]. Group 4: Broader Economic Context - The U.S. national debt reached $37.6 trillion in the 2025 fiscal year, with a significant increase of $2.2 trillion, raising concerns about fiscal sustainability [4][6]. - Trade tensions between the U.S. and China escalated in 2025, with the U.S. imposing tariffs on certain Chinese goods, which may have influenced China's decision to reduce its Treasury holdings [4][8]. - China's trade surplus exceeded $1 trillion, providing a buffer for its foreign exchange reserves despite the reduction in U.S. Treasury holdings [8].