刚刚！中美，大消息！

Core Viewpoint - China has been reducing its holdings of US Treasury bonds for three consecutive months, indicating a trend towards diversifying foreign exchange reserves and increasing gold allocations [1][2]. Group 1: China's Reduction of US Treasury Holdings - In May, China reduced its US Treasury holdings by $900 million to $756.3 billion, marking the third consecutive month of reduction [1][2]. - Since April 2022, China's US Treasury holdings have remained below $1 trillion, with a general trend of reduction observed [2]. - In 2022, 2023, and 2024, China reduced its US Treasury holdings by $173.2 billion, $50.8 billion, and $57.3 billion, respectively [2]. Group 2: Reasons for Reduction - Analysts suggest that the reduction is part of a long-term strategy of "de-dollarization" due to concerns over US policy risks, geopolitical conflicts, and asset security [2]. - The diversification of foreign exchange reserves is a key driver, with an increased allocation to gold being a significant aspect of this strategy [2][3]. Group 3: Gold Reserves Increase - As of June, China's gold reserves reached 7.39 million ounces, an increase of 70,000 ounces from May, marking the eighth consecutive month of gold accumulation [3]. - The increase in gold reserves is seen as a protective measure amid global geopolitical tensions and a relatively low proportion of gold in China's overall foreign exchange reserves [3]. Group 4: Foreign Demand for US Treasuries - In May, foreign investors held a total of $9.05 trillion in US Treasuries, an increase of $32.4 billion from April, indicating strong demand despite market concerns [4][5]. - Japan and the UK, the largest foreign holders of US Treasuries, increased their holdings in May, with Japan's holdings reaching a record high of $1.135 trillion [4][5]. Group 5: Market Dynamics - The overall net inflow of foreign investments into US securities in May was $311.1 billion, with significant contributions from private investors [5]. - Despite fluctuations in the market, the fundamental demand for US Treasuries remains strong, as emphasized by US Treasury officials [6].