特朗普登机前，中国大规模抛售美债，游戏结束？美国势必求华

Core Viewpoint - The article discusses China's significant reduction of its holdings in U.S. Treasury bonds, which has reached the lowest level since the 2008 financial crisis, amidst a global trend of increasing investments in U.S. debt by other countries [1][3]. Group 1: China's Actions and Implications - China has been continuously reducing its U.S. Treasury bond holdings, contrasting with countries like Norway, Canada, and Saudi Arabia, which have increased their investments [1]. - This reduction is seen as a strategic move by China to mitigate risks associated with U.S. debt, reflecting a unique judgment on the debt risks posed by the U.S. [1][5]. - The ongoing reduction of U.S. Treasury holdings is driven by three main considerations: risk diversification, strategic autonomy, and signaling to the U.S. regarding China's financial decision-making [5]. Group 2: U.S. Debt Concerns - The article highlights concerns from various analysts, including JPMorgan's CEO, about the unsustainable nature of U.S. debt, which currently stands at $38 trillion [5]. - The political pressures surrounding the Federal Reserve, particularly regarding potential changes in leadership, are contributing to fears about the future of U.S. debt and its implications for global markets [3]. - The characteristics of a Ponzi scheme are being increasingly associated with the U.S. debt system, raising alarms about the long-term viability of U.S. financial practices [3]. Group 3: U.S.-China Relations - Despite the tensions in financial dealings, U.S. President Trump's planned visit to China remains on schedule, indicating that trade and economic issues are still prioritized [7]. - The article suggests that the U.S. may be more eager to reach a trade agreement with China, as the dynamics of the trade war have shifted in favor of China [7]. - The evolving strategies in U.S.-China relations indicate that financial instruments will play a crucial role alongside trade and technology in future negotiations [7].