特朗普扛不住了？美国对华芯片加税25%，中国一招反制，他急着找中方沟通，中方就一个态度：减持不变

Core Viewpoint - China has significantly reduced its holdings of U.S. Treasury bonds, reaching a historic low of $682.6 billion, while other countries have increased their investments in U.S. debt amid global economic uncertainty [2][5][7]. Group 1: China's Actions and Strategies - Since March 2025, China has systematically reduced its U.S. Treasury holdings by nearly $500 billion over nine months, averaging a monthly reduction of about $10 billion [5][9]. - China's foreign exchange reserves remain above $3.3 trillion, indicating that the reduction in U.S. debt holdings is a strategic asset allocation decision rather than a forced sell-off [5][9]. - The reduction in U.S. Treasury holdings is part of a broader strategy to enhance the resilience of China's foreign exchange reserves, with the proportion of U.S. dollar assets decreasing from 37% in 2018 to 24% [9][17]. Group 2: Global Context and Implications - Other countries, such as Japan and the UK, have increased their U.S. Treasury holdings significantly, with Japan holding $1.2 trillion and the UK adding $10.6 billion [4][7]. - The U.S. government faces a debt crisis, with total federal debt nearing $40 trillion and interest payments exceeding $1.2 trillion, raising concerns about the sustainability of U.S. debt as a safe asset [7][11]. - The ongoing geopolitical tensions and trade disputes have led to a reevaluation of U.S. Treasury bonds as a safe investment, with major credit rating agencies downgrading U.S. sovereign credit ratings [7][11]. Group 3: Financial Market Dynamics - The yield on 30-year U.S. Treasury bonds has surpassed 5%, leading to increased interest payments for the U.S. government, which could amount to an additional $20 billion annually for every 0.1% rise in yield [13]. - China's exit from the U.S. Treasury market could trigger a "herd effect," influencing other countries to diversify their reserves away from U.S. debt [13][17]. - The international financial landscape is shifting towards a more multipolar system, as China's actions challenge the long-standing dominance of the U.S. dollar and its associated debt instruments [17].