中国持续减持美债，却不购买黄金，为何？外媒：中国或储存3万吨

Core Viewpoint - China's actions in the international financial market, particularly its reduction of U.S. Treasury holdings and cautious approach to gold reserves, indicate a strategic shift aimed at mitigating risks associated with U.S. economic instability and enhancing its financial resilience [2][6][18]. Group 1: U.S. Treasury Holdings - China is steadily reducing its holdings of U.S. Treasuries, with a decrease from $784.3 billion at the beginning of 2025 to $682.6 billion by year-end, while its foreign reserves increased from $3.3 trillion to $3.4 trillion [4]. - The reduction in U.S. Treasury holdings is seen as a response to concerns about the U.S. economic outlook and the risks associated with the U.S. debt ceiling, which is projected to reach $41.1 trillion by July 2025 [6][8]. - China's strategy involves diversifying its foreign reserves, reducing the proportion of U.S. Treasuries from a peak of 30% to below 20%, and reallocating investments towards euros, yen, and gold [8][18]. Group 2: Gold Reserves - Officially, China reports gold reserves of 2,306 tons, but external analysts speculate that the actual figure may be as high as 30,000 tons, based on mining and import data [12][14]. - The increase in gold reserves is part of a broader strategy to enhance liquidity and safeguard against potential sanctions, as evidenced by the experiences of Russia and Venezuela with frozen assets [10][18]. - China's gold purchases have been consistent, with a reported increase of 415 tons in the first half of 2025 and a total of 1,045 tons for the year, indicating a strategic accumulation despite high gold prices [16][18]. Group 3: Strategic Implications - The overall strategy reflects a shift in China's foreign exchange policy, focusing on reducing reliance on U.S. assets while increasing gold reserves to counterbalance the dominance of the U.S. dollar [18][20]. - Analysts suggest that this approach not only protects China's assets but also supports the internationalization of the renminbi, enhancing China's financial credibility [18][20]. - The diversification of reserves is viewed as a prudent measure to ensure stability in a complex international environment, allowing China to manage its financial risks more effectively [20].