美债成了烫手山芋？中国加速抛售美债，美专家：中国用新抛售方式

Core Viewpoint - The total global holdings of U.S. Treasury bonds have reached a high of $9.36 trillion, but China's holdings have significantly decreased to $682.6 billion, marking a historic low since the 2008 financial crisis, indicating a strategic retreat from U.S. debt [1][3][5]. Group 1: China's Strategy - China's U.S. Treasury bond holdings have halved from $1.3 trillion in 2013 to $682.6 billion by November 2025, reflecting a calculated and strategic withdrawal rather than simple liquidation [5]. - In 2025, China briefly increased its holdings, but quickly reversed course, selling off $18.9 billion in March and $25.7 billion in July, showcasing a tactical approach of alternating between buying and selling [6]. - China has employed a unique strategy by providing low-interest loans in U.S. dollars to countries like Indonesia and Argentina, which then repay their debts to the U.S., effectively changing the creditor without causing market disruption [10][11]. Group 2: U.S. Debt Concerns - The U.S. federal debt has reached $38.4 trillion, with annual interest payments exceeding $1.2 trillion, raising concerns about the sustainability of U.S. financial practices [13]. - The downgrade of the U.S. credit rating by Moody's has exposed vulnerabilities in U.S. financial credibility, likening the situation to a "naked" display of its fiscal weaknesses [13]. Group 3: Global Reactions - While China is reducing its exposure to U.S. debt, Japan has increased its holdings to $1.2 trillion, and the UK has reached $888.5 billion, indicating a complex dynamic where allies are compelled to support U.S. debt despite their own economic challenges [19][21]. - The actions of Japan and the UK reflect a political obligation rather than a sound investment strategy, as they navigate the pressures of maintaining U.S. debt market liquidity [21]. Group 4: Shift in Investment Focus - China is diversifying its investments by increasing gold reserves, which have risen to 74.15 million ounces, and investing in high-credit bonds from Germany, France, and Canada, as well as in tangible assets in ASEAN countries [15][17]. - The rise of the Cross-Border Interbank Payment System (CIPS), with a transaction volume exceeding 120 trillion yuan, signals China's intent to establish its own financial framework independent of the U.S. dollar [23]. Group 5: Strategic Implications - The strategic retreat from U.S. debt and the shift towards gold and tangible assets reflect a broader trend among global central banks, indicating a growing distrust in the U.S. dollar [15][25]. - The subtle yet impactful strategies employed by China to reduce its reliance on U.S. debt without direct confrontation may signify a transformative shift in global financial power dynamics [25].