中方持续大规模抛售美债，贝森特：不希望与中国脱钩

Group 1 - China has significantly reduced its holdings of U.S. Treasury bonds, dropping to $682.6 billion, the lowest level since the 2008 financial crisis [1][3] - The reduction in U.S. Treasury holdings reflects China's strategic judgment regarding international order and wealth security, indicating a shift in capital allocation [3][5] - The U.S. Treasury Secretary's comments about not wanting to decouple from China highlight the tension in U.S.-China relations, as the U.S. seeks to maintain stability amid China's withdrawal from U.S. debt [1][14] Group 2 - China's strategy includes increasing gold reserves and promoting the use of its currency in international markets, signaling a clear stance against U.S. financial dominance [5][20] - The continuous reduction of U.S. Treasury holdings over nine months is a strategic arrangement rather than a temporary reaction, indicating a long-term shift in investment strategy [7][9] - The U.S. faces rising Treasury yields and increasing interest payments, which could lead to a larger fiscal bubble and undermine confidence in U.S. debt [16][22] Group 3 - The geopolitical landscape has changed, with China diversifying its foreign reserves to mitigate risks associated with U.S. financial policies and potential asset freezes [12][16] - The U.S. government's attempts to attract investments back from allies may face challenges, as global economic interdependence complicates the reallocation of capital [18][20] - China's focus on expanding its influence in global finance through initiatives like the Belt and Road and enhancing currency swap mechanisms reflects a strategic move to establish a new financial order [20][22]