中国抛售美债背后：一场静悄悄的“金融防御战”

Group 1 - China has reduced its holdings of U.S. Treasury bonds for nine consecutive months, bringing the total to $683 billion, the lowest level since 2008, indicating a strategic shift towards gold and emerging market investments to mitigate dollar credit risks and geopolitical threats [1][3] - The U.S. national debt has surpassed $38.6 trillion, with interest payments consuming 20% of fiscal revenue, leading to a downgrade in its credit rating by international agencies, which reflects the growing perception of U.S. Treasuries as less secure assets [3] - China's gold reserves have increased to 2,279.57 tons, marking 14 consecutive months of purchases, which signifies a strategic transition from credit currency to physical assets, as gold now constitutes a larger share of foreign exchange reserves than U.S. Treasuries [3][4] Group 2 - The reduction in U.S. Treasury holdings is linked to the internationalization of the renminbi, with the cross-border payment system (CIPS) covering 189 countries and 48% of Saudi oil trade being settled in renminbi, indicating a shift towards a trade settlement ecosystem outside of the dollar [4] - Global central bank dollar reserves have fallen below 60%, the lowest since 1995, suggesting a transition to a dual-currency system, as countries like Saudi Arabia balance their U.S. Treasury holdings with increased renminbi transactions [5] - The financial strategy of reducing exposure to U.S. Treasuries is aimed at creating a buffer for domestic enterprises in overseas financing and energy imports, preparing for potential economic turbulence [5]