风起云涌：中国减持美债，全球资产配置重塑格局 2025年7月，中国抛售257亿美元美国国债的举动，不仅令华尔街的心弦为之一紧，更标志着一个长达十五载的金融版图正在悄然重塑。曾经中国稳坐美国国 债最大海外持有国宝座，峰值时持有量一度突破1.3万亿美元，然而如今，这一数字已骤降至7307亿美元，创下2009年以来的历史新低，不足巅峰时期的三 分之二。 与此同时，全球资本市场的另一番景象则引人瞩目。在日本悄然增持38亿美元美国国债之际，英国却以413亿美元的惊人增幅，创下历史新高，这与中国的 大幅减持形成了鲜明对比，让全球投资者不禁为之侧目。 在中国减持美债的同时，另一项资产的增持则显得尤为突出——黄金。中国人民银行已连续10个月增持黄金，截至2025年8月末，黄金储备已攀升至7402万 盎司。作为一种非主权信用储备资产，黄金不受单边制裁的影响，能够有效地对冲美元单一货币风险，成为中国优化外汇储备结构的重要选择。 事实上，中国减持美债并非一日之寒。自2022年4月持仓量跌破万亿美元大关以来，中国便开启了持续性的"瘦身"模式：2022年累计减持1732亿美元，2023 年减少508亿美元，2024年则减少了573亿美 ...

美国快要"破产"了。 8月12日，美国国债再创历史新高，总额突破至37万亿美元，即2024年全国GDP的1.27倍，意味着每个 美国人都背上了近11万美元的债务。 这可苦了英国、日本等大量持有美债的国家，一旦美国暴雷，他们手上那近万亿美元的欠条，可就一瞬 间沦为废纸了。 这时可能会有网友要问了，美国作为一个著名的往货币里"注水"国家，为何不直接通过印钞把这37万美 元平了呢？ 美元暴雷倒计时 想搞清楚一个国家的国债为何会到这个地步，就要从它的历史说起。 二战刚结束的那段时间，美元可是相当的坚挺。 1944年，布雷顿森林体系确立了美元与黄金挂钩的地位，美国正式掌控全球货币命脉。 但1971年尼克松关闭黄金兑换窗口后，美元转而与石油绑定，通过石油美元循环维持霸权。 这种信用货币体系的本质，是美国以国家信用为抵押向全球融资。 这是什么概念？ 以中国的2024年GDP为例，约为18.9万亿美元，相当于14亿国人足足干700多天才能把这坑给填平了。 然而，2008年金融危机后，美国债务规模开始失控。 从2017年的20万亿美元到2022年的30万亿美元，用了五年时间，而从34万亿到37万亿，仅用了19个月。 2024财 ...

近日，美国财政部公布的2025年7月国际资本流动报告显示，中国当月减持257亿美元（约合人民币1829亿元）美国国债，持仓规模降至 7307亿美元，创2009年以来新低。 与此同时，中国央行已经连续10个月增持黄金。 中国持续减持美债 美元指数自特朗普上任已跌超10% 这是中国2025年以来第四次减持美债。从美债持仓变动来看，中国减持趋势已延续多年。自2022年4月持仓跌破1万亿美元后，减持步伐 持续，2022年、2023年、2024年分别减持1732亿美元、508亿美元、573亿美元。 2025年以来，中国减持美债力度有所加大，年内各月持仓呈"增减持交替、减持为主"态势，1月增持18亿美元、2月增持235亿美元，3月 至5月分别减持189亿美元、82亿美元、9亿美元，6月小幅增持1亿美元，7月则大幅减持257亿美元，持仓规模再创新低。 值得注意的是，7月美债前三大海外债主中，日本、英国选择增持，中国的减持动作尤为突出。 据第一财经报道，中国民生银行首席经济学家温彬表示，今年以来，美国关税政策引发市场恐慌，且美国财政状况也受到国际社会广泛 担忧，美债尤其是长债存在被抛售的现象，同时欧洲长债被抛售也对美债市场有 ...

Core Viewpoint - The recent rise in gold prices, consistently above $3600 per ounce, has led to a significant recovery in gold-linked financial products, with notable increases in both the number and scale of new offerings [1][2]. Group 1: Gold Price Dynamics - Year-to-date, the London spot gold has seen an increase of nearly 40% [2]. - The rise in gold prices is supported by several factors, including expectations of a Federal Reserve interest rate cut, increased gold reserves by emerging market central banks, and heightened geopolitical risks [2][3]. - Concerns over potential dollar depreciation due to excessive supply have prompted investors to shift towards gold and other safe-haven assets [3][4]. Group 2: Performance of Gold-linked Financial Products - Gold-linked financial products have shown strong performance, with annualized returns for products containing "gold" averaging between 2% and 4% [3][6]. - There has been an increase in early profit-taking cases for these products, indicating a rise in market interest [3][4]. - Several financial institutions have announced early profit-taking for their gold-linked products, reflecting effective risk management strategies [4][6]. Group 3: Product Innovation and Market Trends - The issuance of gold-themed financial products has accelerated, with 47 products currently in the market, including 8 launched since July 2025 [6]. - New product designs are increasingly diverse, moving beyond traditional gold price-linked models to include features like range returns and automatic profit-taking [6][7]. - The current offerings primarily consist of two types: "fixed income + gold" products and structured products linked to gold derivatives [6][7]. Group 4: Challenges and Considerations - The high volatility of gold prices poses challenges for financial institutions in balancing risk and return [7]. - Regulatory compliance remains a critical concern as institutions innovate their product offerings [7]. - Investors are advised to exercise caution and consider the specific terms and risks associated with different gold-linked products [5][8].

美元指数自特朗普上任已跌超10% 这是中国2025年以来第四次减持美债。从美债持仓变动来看，中国减持趋势已延续多年。自2022年4月持仓跌破1万亿美元后，减持步伐 持续，2022年、2023年、2024年分别减持1732亿美元、508亿美元、573亿美元。 2025年以来，中国减持美债力度有所加大，年内各月持仓呈"增减持交替、减持为主"态势，1月增持18亿美元、2月增持235亿美元，3月 至5月分别减持189亿美元、82亿美元、9亿美元，6月小幅增持1亿美元，7月则大幅减持257亿美元，持仓规模再创新低。 值得注意的是，7月美债前三大海外债主中，日本、英国选择增持，中国的减持动作尤为突出。 据第一财经报道，中国民生银行首席经济学家温彬表示，今年以来，美国关税政策引发市场恐慌，且美国财政状况也受到国际社会广泛 担忧，美债尤其是长债存在被抛售的现象，同时欧洲长债被抛售也对美债市场有所波及。 每日经济新闻消息，近日，美国财政部公布的2025年7月国际资本流动报告显示，中国当月减持257亿美元（约合人民币1829亿元）美国 国债，持仓规模降至7307亿美元，创2009年以来新低。 与此同时，中国央行已经连续10个月增 ...

Group 1: Gold and Silver Price Movements - International precious metal futures saw a general increase, with spot gold rising by 1.12% to $3684.65 per ounce, marking an over 40% increase year-to-date [1] - Spot silver increased by 2.97% to $43.03 per ounce, reflecting similar upward trends in the market [1] - COMEX gold futures also rose by 1.12% to $3719.4 per ounce, with a year-to-date increase exceeding 40% [1] Group 2: Market Disruptions and Supplier Issues - A major gold supplier in Shenzhen, Guangdong, named Shenzhen Yuebiaoxin Precious Metals Co., Ltd., reportedly went missing, leading to significant financial losses for numerous merchants [4] - Merchants reported that they were unable to retrieve their gold and funds, with losses amounting to approximately 400 million yuan across around 400 victims [5] - The company, established in August 2023, was a significant intermediary in the gold supply chain, and its sudden closure has raised concerns about the stability of other suppliers in the market [5][6] Group 3: Legal and Regulatory Implications - The sudden disappearance of Yuebiaoxin may be linked to the "pre-order pricing" trading model, which has been criticized for its high leverage and potential for illegal operations [7] - Legal experts suggest that this model could be classified as a form of illegal trading or even fraud, as it allows for significant risk without adequate regulatory oversight [8][9] - The situation has prompted some victims to file reports with local law enforcement, indicating a potential rise in legal actions against the involved parties [5][6] Group 4: Future Market Outlook - Despite recent disruptions, foreign institutions remain bullish on gold prices, with predictions that prices could exceed $4000 to $5000 per ounce [12] - The ongoing economic uncertainties and potential for a global economic easing cycle may further drive investment into gold, reinforcing its status as a hedge against inflation [13]

Group 1 - The core point of the news is that China has significantly reduced its holdings of U.S. Treasury bonds, with a notable decrease of $25.7 billion in July 2025, bringing its total holdings to $730.7 billion, the lowest level since 2009 [1][2] - This reduction in U.S. Treasury holdings marks the fourth time China has decreased its investments in U.S. debt since the beginning of 2025, continuing a trend that has persisted for several years [2] - The decrease in U.S. Treasury holdings is attributed to various factors, including concerns over U.S. fiscal policies and the weakening of the dollar's credibility, particularly in light of the Trump administration's tax and spending policies [2][3] Group 2 - In contrast to its reduction in U.S. Treasury bonds, the People's Bank of China has been increasing its gold reserves for ten consecutive months, with a total of 7.402 million ounces as of the end of August 2025 [5][6] - The continuous increase in gold reserves is seen as a strategic move to hedge against the risks associated with a single currency, particularly the U.S. dollar, and to enhance the credibility of the Chinese yuan in international markets [5][6] - China's gold reserves still represent a smaller proportion of its total international reserves compared to developed economies, indicating room for further increases in gold holdings [6]

Group 1 - The core point of the news is that China has significantly reduced its holdings of U.S. Treasury bonds, with a notable decrease of $25.7 billion in July 2025, bringing its total holdings to $730.7 billion, the lowest level since 2009 [1][2]. - This reduction in U.S. Treasury holdings marks the fourth time China has decreased its investments in U.S. debt since the beginning of 2025, continuing a trend that has persisted for several years [2][3]. - The decline in U.S. Treasury holdings is attributed to various factors, including concerns over U.S. fiscal policies, rising national debt, and the weakening of the U.S. dollar's credibility [3][4]. Group 2 - In contrast to China's reduction, Japan and the UK have increased their holdings of U.S. Treasury bonds, highlighting China's unique position in the current market [3]. - The People's Bank of China has been increasing its gold reserves for ten consecutive months, with the latest figures showing reserves of 7.402 million ounces, indicating a strategic shift towards gold as a hedge against dollar risks [7][8]. - The proportion of gold in China's official international reserves is currently 7.3%, which is significantly lower than the global average of around 15%, suggesting room for further increases in gold holdings [8].

Group 1 - The U.S. national debt has reached $37 trillion, which is more than the entire GDP for 2024, indicating that the government is spending more than it earns [5][7] - The speed of debt accumulation has accelerated dramatically, with the debt increasing by $1 trillion in as little as three months, compared to five years for the previous $10 trillion increase [3][7] - Interest payments on the debt are projected to consume $879.9 billion in the 2024 fiscal year, which is more than military spending and healthcare combined, accounting for 13% of total federal expenditures [7][9] Group 2 - Moody's downgraded the U.S. sovereign credit rating from Aaa to Aa1, citing that the debt and interest ratios are significantly higher than those of comparable countries [11][12] - The market reacted to the downgrade, with 30-year U.S. Treasury yields surpassing 5%, leading to investor sell-offs due to fears of devaluation [12][14] - Countries holding U.S. debt, such as China and Japan, are reducing their holdings, indicating a lack of confidence in U.S. debt, while the UK has increased its holdings [14][16] Group 3 - The Federal Reserve faces a dilemma as it attempts to lower interest rates while managing inflation, complicating the situation further if it were to print more money to pay off the debt [22][28] - Historical examples of countries that printed money to pay off debts, such as Germany and Venezuela, resulted in severe hyperinflation and economic collapse, raising concerns about similar outcomes for the U.S. [24][26][46] - The global reliance on the U.S. dollar is decreasing, with countries increasingly opting for local currencies in trade, as evidenced by the rise of the Chinese yuan in international transactions [30][33][55] Group 4 - Proposed solutions to the U.S. debt issue include increasing taxes or reducing spending, but political resistance makes these options difficult to implement [40][42] - The Federal Reserve is also reducing its balance sheet, which may exacerbate the debt situation as less money in circulation could lead to higher borrowing costs [44] - The potential for rising unemployment due to economic downturns linked to debt management strategies poses a significant risk to the labor market [52][56]

美国政客又出昏招，这次玩起了新花样。华盛顿方面精心设计了一套三步走制裁方案，还拉拢众多盟友助阵，自以为能一招制胜。他们本想堵死别人的路， 却先砸了自家资本的饭碗。而中国早已备好更强力的反制措施，真正的反击才刚刚开始。 这些美国政客似乎活在美国即世界的幻想中。2025年9月18日，众议院中国问题特别委员会主席约翰·穆勒纳尔又献上一计昏招。这位所谓的中国问题专家致 信特朗普总统，扬言若中国限制稀土出口，美国将联合盟友禁止中国航班降落作为报复。 穆勒纳尔提出了三项具体措施：一是限制中国航空公司在美及其盟国的着陆权；二是收紧对华飞机及相关服务的出口管制；三是联合盟友限制中国航空业海 外投资。简而言之，就是威胁要对中国关闭航空大门。 但这位主席似乎没想过：如果美国禁止中国航班降落，他们自己的飞机还怎么飞往中国？要知道，包括波音在内的美国企业，以及众多欧洲公司都对中国市 场垂涎三尺。波音指望着向中国C919客机提供发动机技术，特朗普政府也盼着中国企业赴美投资，重振美国制造业。 这位天才主席的提案简直是在断送波音和特朗普背后金主的财路。若真实施，C919反而能松口气，不必再为发动机技术和适航证发愁；中国企业也省去了 海外投 ...