中国抛售美债创18年来最低，转头狂买黄金，达利欧的警告要应验？

Core Viewpoint - China has significantly reduced its holdings of US Treasury bonds to the lowest level in 18 years, approximately $759 billion, and has instructed banks to continue selling these bonds while investing the proceeds in gold, indicating a strategic shift towards "selling US debt and accumulating gold" [1][5] Group 1: US Debt Situation - The US national debt has surpassed $38 trillion as of January 2026, with interest payments amounting to over $1 trillion annually, highlighting a severe financial crisis [4] - The growth rate of US debt has outpaced GDP growth, with projections suggesting it could exceed $56 trillion by 2034, leading to annual interest payments of $1.7 trillion [4] - The impending maturity of $9.2 trillion in US debt by 2025, coupled with rising refinancing rates, indicates an unsustainable debt cycle [4][5] Group 2: China's Strategic Response - China has been increasing its gold reserves for 13 consecutive months as a hedge against the risks associated with US debt, aiming to protect its foreign exchange assets [1][7] - The shift from US Treasury bonds to gold reflects a broader trend among countries losing confidence in the dollar, with global central bank gold holdings projected to surpass the market value of US debt by 2025 [7] - China's strategy emphasizes diversification of foreign exchange assets away from US debt, focusing on accumulating gold and key resources to maintain financial stability amid global market fluctuations [7]