中国继续抛美债，不再救美元，特朗普只能承认自己犯错

Core Viewpoint - China's holdings of U.S. Treasury bonds have fallen below a psychological threshold, dropping to $682.6 billion, marking the lowest level since the 2008 financial crisis and indicating a reduction of over $500 billion in recent years [1][3]. Group 1: U.S. Debt Situation - The U.S. government is facing a staggering $38 trillion in debt, with interest payments alone projected to reach $1.4 trillion in 2025, consuming a significant portion of federal tax revenue [5][7]. - By 2030, U.S. public debt is expected to exceed 106% of GDP, surpassing historical peaks set during World War II, with annual deficits projected to reach $3.1 trillion by 2036 [9][11]. Group 2: China's Financial Strategy - China is strategically converting its dollar reserves into gold, increasing its gold reserves to 2,308 tons over 15 consecutive months, indicating a shift from "paper credit" to "hard currency" [15]. - Instead of flooding the market with dollars, China is lending its dollar reserves to countries like Indonesia and Argentina, receiving core resources or agreements for RMB settlements in return, effectively mitigating its dollar risk while expanding the use of its currency [17][19]. Group 3: Global Financial Dynamics - The decline in U.S. Treasury holdings is not isolated; countries like India and Saudi Arabia are also reducing their U.S. debt positions, reflecting a global trend of diminishing trust in U.S. fiscal sustainability [23][25]. - The situation represents a structural collapse in confidence towards U.S. fiscal policies, as global creditors express skepticism about the sustainability of U.S. finances [25][27].