中国接着抛美债，不再救美元，美财长急喊“别脱钩”！38万亿债务火山口，中国不再当接盘侠！

Core Viewpoint - The U.S. government is currently paying $2.3 million in interest on its national debt every minute, which exceeds its annual military spending and accounts for over a quarter of federal revenue [1][4]. Group 1: U.S. National Debt and Interest Payments - As of early 2026, the total U.S. federal debt has reached $38.55 trillion, surpassing the country's GDP [4]. - The net interest expenditure for the first quarter of fiscal year 2026 is projected to be $270.3 billion, averaging $29.38 million daily [4]. - The Congressional Budget Office forecasts that total interest payments for fiscal year 2026 will amount to $1.24 trillion, making it the second-largest federal expenditure after Social Security [6]. Group 2: China's Role in U.S. Debt Market - China's holdings of U.S. Treasury bonds have dropped to $682.6 billion, the lowest level since the 2008 financial crisis, down from a peak of approximately $1.32 trillion in 2013 [1][6]. - The reduction in U.S. Treasury holdings by China is characterized as a gradual withdrawal rather than a panic sell-off, indicating a strategic shift in investment [1][3]. - Chinese authorities have advised major banks to manage their foreign exchange reserve risks, leading to an accelerated pace of U.S. debt reduction [3]. Group 3: Shift to Gold and Alternative Investments - In response to the declining confidence in U.S. debt, China has been increasing its gold reserves, which reached approximately 2,308 tons by January 2026, marking a continuous 15-month buying trend [8][11]. - The strategy of selling U.S. debt to purchase gold is part of a broader financial security strategy, as gold is seen as a stable asset that cannot be easily frozen or sanctioned [8][11]. - China is also exploring alternative investment avenues, such as lending to developing countries through initiatives like the Belt and Road, which allows for the circumvention of dollar dependency [11][15]. Group 4: Global Implications and Market Reactions - The U.S. faces a "trilemma" where it struggles to avoid a fiscal crisis, raise taxes, and keep interest rates low simultaneously [15]. - Other countries, including India and Saudi Arabia, are also reducing their U.S. Treasury holdings, contributing to a global trend of decreasing reliance on the dollar [15]. - The decline in U.S. Treasury demand raises concerns about rising interest rates and the potential for increased fiscal burdens on the U.S. government [15].