中国继续抛美债，不再救美元，美财长喊话：中美绝不能脱钩断链

Core Viewpoint - The article highlights the significant reduction of China's holdings in U.S. Treasury bonds, which has dropped to $682.6 billion, the lowest since 2008, indicating a trend of systematic withdrawal from U.S. debt by major foreign holders, particularly China [1][3][5]. Group 1: U.S. Debt and Financial Implications - As of early 2026, the total U.S. national debt has reached $38 trillion, exceeding the annual GDP, raising concerns about the sustainability of U.S. fiscal policy [7]. - The interest payments on U.S. debt are projected to be around $1.4 trillion in 2025, which translates to approximately $2 million per minute, highlighting the growing burden of debt servicing on the federal budget [9]. - The increasing proportion of interest payments relative to federal revenue indicates a shift from economic development to debt servicing, creating a precarious fiscal situation [9][11]. Group 2: China's Strategic Shift - China's continuous reduction of U.S. Treasury holdings is not merely a response to interest rates but reflects a deeper strategic shift in asset allocation, moving towards gold and other resource-based investments [11][13]. - China's gold reserves have been increasing for 15 consecutive months, reaching approximately 2,308 tons, which underscores a pivot towards assets that are less susceptible to geopolitical risks [11][13]. - The strategy includes reallocating U.S. dollar assets through loans and swaps to emerging markets like Indonesia and Argentina, thereby diversifying risk and enhancing trade relationships [14][16]. Group 3: Global Trends and Market Dynamics - The trend of reducing U.S. Treasury holdings is not unique to China; other countries like India and Saudi Arabia are also decreasing their positions, indicating a broader global shift in investment strategies [19]. - While some countries like Japan and the UK continue to hold U.S. debt due to political and financial ties, the sustainability of this support is uncertain [21]. - The reduction in U.S. Treasury holdings by major foreign investors could lead to increased financing costs for the U.S. government, as the demand for U.S. debt may decline, impacting the overall financial stability [24][26].