游戏结束，中方大量抛售美债，欧洲也跟进？特朗普急忙除名反华派

Group 1 - The core message highlights a significant shift in global financial dynamics, with China reducing its holdings of U.S. Treasury bonds to below $700 billion, the lowest since 2008, while European pension funds are also divesting from U.S. debt [1][2] - In January 2026, Danish and Swedish pension funds announced plans to liquidate their U.S. Treasury holdings, citing concerns over the U.S. as a reliable credit entity and the unsustainable fiscal situation of the U.S. government [2] - The U.S. federal debt surpassed $36 trillion in 2025, with interest payments exceeding military spending for the first time, raising alarms about fiscal sustainability [4] Group 2 - The U.S. Treasury Department's report indicated that China sold $11.8 billion in U.S. Treasury bonds in October 2025, reducing its holdings to $688.7 billion, nearly half of its peak in 2011 [1][4] - Global central banks increased their gold reserves significantly, with a record 1,136 tons added in 2022, indicating a trend towards de-dollarization [6] - The U.S. bond market experienced a severe sell-off in April 2025, with 10-year Treasury yields rising sharply, leading to liquidity issues and a negative correlation between bond and stock markets [8][9] Group 3 - The Trump administration's recent personnel changes, including the dismissal of key officials involved in technology restrictions against China, suggest a potential shift in U.S.-China relations ahead of a planned visit to China [13] - The U.S. Treasury's budget office warned of a potential debt default in 2025 if the debt ceiling is not adjusted, highlighting the precarious fiscal situation [4][16] - The trend of reducing U.S. Treasury holdings while increasing gold reserves reflects a broader strategy among countries like China and Russia to mitigate reliance on the U.S. dollar [14][16]