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].