中国再抛美债，不再救美元，美财长：中美绝不能脱钩断链

Core Viewpoint - China's foreign exchange management authority has issued guidelines for banks to adjust asset allocations based on market fluctuations, gradually reducing the proportion of U.S. Treasury holdings, which have decreased from a peak of $1.3 trillion in 2013 to $682.6 billion, the lowest since September 2008 [2][4] Group 1: U.S. Treasury Holdings and China's Strategy - The reduction in U.S. Treasury holdings is part of a long-term strategy, with funds being redirected towards gold reserves and essential material procurement to diversify risks [2][4] - As of January 2026, China's gold reserves have increased to 74.19 million ounces, marking 15 consecutive months of growth, with over 1,200 tons imported [4][6] - The share of U.S. Treasuries in China's reserves has fallen below 15%, reflecting a significant shift in asset allocation [4][12] Group 2: Global Market Reactions - The U.S. debt has surpassed $38 trillion, with annual interest payments of $1.2 trillion, leading to credit rating downgrades by Moody's and Fitch [4][6] - Major global holders of U.S. debt, including India and Saudi Arabia, have also reduced their holdings, indicating a broader trend of divestment from U.S. Treasuries [4][12] - The reduction in U.S. Treasury holdings has led to a slight decline in prices and an increase in yields, putting short-term pressure on the dollar index [2][4] Group 3: U.S.-China Economic Relations - U.S. Treasury Secretary Scott Bessenet emphasized the importance of stable U.S.-China relations, acknowledging the deep economic interdependence and the need for a balanced approach to competition [6][10] - Bessenet's statements reflect a shift in U.S. strategy from confrontation to a more pragmatic engagement with China, aiming to mitigate risks while maintaining economic ties [10][12] - The U.S. is also focusing on rebuilding domestic production capabilities, particularly in critical sectors like semiconductors and pharmaceuticals, to reduce reliance on foreign supply chains [10][12] Group 4: Global Financial Landscape - The global landscape for U.S. Treasuries is changing, with central banks increasingly turning to gold, which now constitutes over 30% of their reserves, surpassing U.S. Treasuries [12][14] - The dollar's share of global foreign exchange reserves has fallen to 40%, the lowest in 20 years, indicating a decline in its dominance as a primary reserve currency [12][14] - The ongoing divestment from U.S. Treasuries and the shift towards alternative currencies like the yuan and euro suggest a gradual end to the era of dollar hegemony [14]