中国连续9个月净抛美债，用冰冷战术表明态度，拒绝疯狂买单

Group 1 - The core point of the article highlights China's significant reduction in U.S. Treasury holdings, which have dropped to $682.6 billion, the lowest since September 2008, after selling over $110 billion in the past nine months [1][3] - The decline in China's U.S. Treasury holdings is a gradual process, with monthly TIC reports showing consistent decreases, indicating a strategic shift rather than a sudden move [3] - Other countries are also adjusting their U.S. Treasury positions, with Japan increasing its holdings by over $140 billion in the past 11 months, while the UK and Luxembourg have also bought significant amounts, potentially for custodial reasons [3][5] Group 2 - China's strategy of selling U.S. Treasuries is driven by concerns over the safety of dollar-denominated assets, especially in light of geopolitical tensions and the risk of asset freezes, as seen in the case of Russia [3][5] - The Chinese central bank has been increasing its gold reserves, now totaling 74.15 million ounces, indicating a preference for tangible assets over paper currency [5] - The ongoing adjustments in China's foreign reserve strategy are part of a long-term plan initiated after the 2008 financial crisis, aimed at reducing dependency on a potentially unstable global financial system [7]