中方接连减持美债引发关注，美国财长对华表态明显缓和，强调中美两国绝不能走向脱钩断链

Core Viewpoint - China has been strategically reducing its holdings of US Treasury bonds over the past decade, moving from over $1.3 trillion in 2013 to approximately $688.7 billion by October 2025, reflecting a significant shift in its asset management strategy [1][3][19]. Group 1: Reduction of US Treasury Holdings - China has consistently reduced its US Treasury bond holdings, selling $173.2 billion in 2022, $50.8 billion in 2023, and $57.3 billion in 2024, with a further reduction of $11.8 billion expected by October 2025 [3][19]. - The reduction is not a panic sell but a planned strategic adjustment, with a simultaneous increase in gold reserves, which reached 74.19 million ounces by January 2026 [3][5][19]. - The shift in asset allocation reflects a broader strategy to diversify away from US dollar dependence, as the internationalization of the renminbi increases and the reliance on US Treasury bonds diminishes [7][19][30]. Group 2: Global Financial Dynamics - The reduction in US Treasury holdings by China has created a ripple effect, with other countries like India, Norway, and Canada also decreasing their US bond holdings, indicating a growing global trend away from dollar dependency [13][15][19]. - The US Treasury market is facing pressure as foreign investors withdraw, leading to increased domestic reliance on banks and the Federal Reserve to absorb new debt, which could raise long-term financing costs [9][10][19]. - The volatility in the US Treasury yields, with a notable fluctuation of 22 basis points in October 2025, undermines market confidence and reflects the instability in US fiscal policy [11][12][19]. Group 3: US-China Relations and Strategic Adjustments - The US has recognized the need to stabilize relations with China, as evidenced by Treasury Secretary Yellen's softened rhetoric regarding decoupling and the emphasis on risk reduction and fair competition [17][19][30]. - The ongoing diplomatic engagements between the US and China, including high-level visits, aim to maintain economic cooperation despite underlying tensions in other areas such as technology and trade [24][30][42]. - China's strategic asset diversification is seen as a response to the US's financial weaponization and the erosion of trust in US fiscal stability, positioning itself to mitigate risks associated with US Treasury reliance [5][19][36]. Group 4: Future Outlook - China's ongoing reduction of US Treasury holdings is expected to continue, with a focus on building a more resilient and diversified foreign exchange reserve structure, which is seen as a long-term national strategy [38][40][48]. - The global financial landscape is shifting towards a multipolar system, with increasing interest in gold and non-dollar assets, reflecting a broader reevaluation of the dollar's dominance [38][40][48]. - The future of US-China relations hinges on the US's ability to address its fiscal challenges and restore credibility, as China's actions signal a strategic pivot rather than a retreat from global engagement [36][48].