你抛美债我抛中债，美国官方数据显示中国已经不再是美债的第二大持有国！ 而中国市场呢？外资从2025年初的扎堆购买中国债券，再到下半年年的一夜抛售，让所有人直呼看不懂! 国际战略对中美的国债有何影响？美国为什么称中国在特朗普任期内持续减持美债？ 国际战略对中美国债的影响，体现在全球金融格局重构和各国风险防控的布局中，随着多极化趋势发展，单一货币体系支撑的债务市场正在经历结构性变 化。 美国长期依靠发债维持财政运转，债务规模持续膨胀，已经突破38万亿美元，仅2025年到期的美债就高达9.2万亿美元。 这种政策不确定性严重，削弱了包括中国在内的各国对美元资产的信任基础，美债作为核心美元资产，自然受到牵连。 其中短期债券占比远超常规水平，再加上美联储维持较高基准利率，导致美国政府每年的债务利息支出就超过1万亿美元，接近其军费预算的1.3倍。 这种债务高企的状况，让全球投资者对美债的长期安全性产生担忧。 与此同时，美国频繁将金融工具政治化，把SWIFT系统当作施压手段。 破坏了国际金融市场的稳定预期，推动各国加速外汇储备多元化，减少对美元资产的依赖，这一战略层面的调整直接影响了各国对美债的持有态度。 对于中国债券市场而 ...

从数据本身看，有两点很直观： 这是两国去美元化的硬核联动。 一是数量大，连续两个月接近10亿美元级别；要知道，去年同期俄罗斯几乎没有向中国出口黄金，此前 的高点也只有2.23亿美元。 二是增速快，从几乎没有到九倍增长；三是趋势稳，不是一次性的"冲量"，而是连续放量。 俄罗斯海关数据显示，中国连续两月创纪录地购买俄罗斯黄金，今年11月花9.61亿美元买俄黄金，前11 月总额达19亿美元，是去年的9倍以上，这波操作绝不是单纯的贵金属市场行为！ 西方制裁让俄罗斯黄金被欧美禁购，中国顺势接盘购买，既拿到了有折扣的硬通货，又能对冲美元资产 风险。 而俄罗斯也靠对华出口摆脱金融封锁，赚得稳定外汇，妥妥的双赢。这场黄金交易，本质是全球金融格 局重构的缩影，去美元化的步子越来越实了！ 声明：个人原创，仅供参考 ...

Core Insights - Russia plans to issue RMB bonds domestically for the first time to activate dormant RMB reserves and supplement government finances [1][5] - This move is significant as it marks a shift from traditional offshore RMB bond issuance to onshore issuance, reflecting Russia's pivot away from Western currencies [5][8] Group 1: RMB Bond Issuance - Other countries issue RMB bonds as "Panda bonds" in mainland China or "Dim Sum bonds" in offshore markets, primarily in Hong Kong [3][5] - Indonesia's recent issuance of RMB Dim Sum bonds indicates a growing acceptance of RMB assets in international markets [5][6] Group 2: Strategic Implications for Russia - Russia's decision to issue RMB bonds domestically is a strategic response to its economic isolation from Western nations post-Ukraine conflict, aiming to utilize the substantial RMB reserves accumulated through trade with China [5][8] - The planned issuance includes up to four bonds totaling 400 billion rubles (approximately 35 billion RMB), with maturities ranging from 3 to 10 years, addressing both short-term liquidity and long-term development needs [6][9] Group 3: Impact on RMB Internationalization - The issuance of RMB bonds in Russia signifies a qualitative leap in the international status of the RMB, transitioning from a trade settlement currency to an investment and reserve currency [8][9] - This initiative may encourage other countries with close trade ties to China to adopt similar practices, contributing to a more diversified and resilient international financial ecosystem [9][11] Group 4: Broader Financial Trends - The diversification of RMB bond issuance models, including Panda bonds, Dim Sum bonds, and now domestic RMB sovereign bonds, reflects a trend towards a more flexible and multi-faceted integration of the RMB into global finance [9][11] - Russia's pioneering move not only provides an outlet for dormant funds but also offers a new strategy for other nations to mitigate single currency risks in a multipolar economic landscape [11]

Core Insights - The gold market has seen a remarkable increase this year, with prices rising over 60% and spot gold recently surpassing $4,380 per ounce, reflecting significant changes in the global financial landscape [3] - The proportion of gold in global foreign exchange and gold reserves has risen from 24% to 30% since late June, while the dollar's share has decreased from 43% to 40%, indicating a shift in reserve preferences [3] - A potential new world order is emerging, with countries increasingly distrusting fiat currencies and turning to gold as a stable asset, leading to heightened interest from investors [3][4] Market Dynamics - Central banks worldwide expect the proportion of gold in their reserves to continue increasing over the next five years, while the dollar's reserve proportion is anticipated to decline [4] - Current uncertainties in policies, trade issues, and inflation concerns are driving individual investors towards the gold market [4] - Despite the bullish outlook for gold, factors such as the absence of a predicted economic recession and a fragile ceasefire between Israel and Palestine may limit further price increases [4] Technical Analysis - Key resistance levels for gold futures are identified between 1,000 to 1,020 yuan per gram, while significant support levels are noted between 874 to 900 yuan per gram [5]