Core Viewpoint - The reduction of China's holdings in U.S. Treasury bonds from approximately $1.2 trillion in 2019 to $730.7 billion in 2023 reflects a strategic asset allocation adjustment rather than an immediate threat to the financial system or export enterprises [3][5][9]. Group 1: Reasons for Reducing U.S. Treasury Holdings - China's reduction in U.S. Treasury holdings is driven by concerns over the increasing U.S. debt and the declining purchasing power of the dollar, prompting a shift to safer investment options [5][9]. - The relationship between the reduction of U.S. Treasury bonds and the appreciation of the Renminbi is not straightforward; even if the Renminbi appreciates, it does not necessarily mean that all exports will be adversely affected [5][11]. Group 2: Impact on Export Enterprises - Chinese export enterprises are increasingly diversifying their markets beyond the U.S., focusing on regions like Southeast Asia, Africa, and Latin America, which mitigates the potential negative impact of a stronger Renminbi [5][11]. - The transformation of Chinese export enterprises from relying on low-cost labor to emphasizing technology and brand strength is crucial for long-term competitiveness in the global market [7][9]. Group 3: Strategic Intentions Behind the Reduction - The reduction in U.S. Treasury holdings is part of a broader strategy to enhance financial security and reduce dependence on the dollar, especially in light of recent global financial events that raised concerns about the safety of foreign reserves [7][9]. - China's push for cross-border payments in Renminbi and encouraging enterprises to settle trade in local currency is aimed at increasing financial autonomy and security [7][9]. Group 4: Future Outlook - The gradual and cautious approach to reducing U.S. Treasury holdings indicates that China's financial policies are well-considered, aiming for long-term stability rather than immediate drastic changes [9][12]. - The evolving global economic landscape presents new opportunities for Chinese enterprises, suggesting that concerns over reduced U.S. Treasury holdings may be overstated [11][12].

从数据上来看，中国的美债持仓从2013年的1.32万亿美元一路减至如今的7300亿美元，几乎削去了一半。这一过程并不是简单的"减持"，而是 一场涉及国家利益的战略性撤退。换句话说，中国正在进行一场无声的金融战争，试图减少对美元的依赖，分散投资风险。而在这背后，是中 国推行更为多元化的外汇储备布局的坚定决心。 与此同时，中美关系的紧张态势也给中国的经济发展带来了前所未有的压力。美国政坛上的较量，尤其是特朗普政府时期的贸易战，使得双方 在经济上的摩擦愈演愈烈。如今，随着美国总统选举的临近，特朗普在面对国内经济困境时，意识到必须稳定与中国的关系，以免影响选票。 在这一点上，美国国会议员的罕见访华便显得尤为重要。他们试图通过此举来修复与中国的关系，寻求更多的合作机会，藉此缓解美国日益增 长的经济压力。 在当前复杂多变的国际局势下，中美两国之间的经济关系再度成为各方关注的焦点。最近，中国不仅抛售了257亿美元的美国国债，其持有规 模降至7307亿美元，创下自2009年以来的新低。同时，美国国会议员组团访华，这一幕的背后，不仅是政治权谋的博弈，更是深厚的经济利益 考量。让我们一同深入分析这一切背后的真相与影响。 首先，我 ...

据智通财经报道，当地时间9月18日，美国财政部公布的数据显示，2025年7月，美债前三大海外债主 中，日本、英国增持美国国债，中国减持美国国债。中国7月减持257亿美元美国国债至7307亿美元，为 今年第四次减持。减持后，中国对美国国债的持仓规模创下2009年来新低。 曾几何时，中国持有的美国国债达到1.32万亿美元，是美国的第一大债权国，时间是2013年的11月。12 年后，中国持有的美国国债，减少了将近6000亿美元，快要接近最高时的一半水平。相反，眼下的第 一、第二大债权国日本和英国，都在增持。为什么增持，应当不全是市场因素，而是日本和英国都是美 国的跟随，尤其面对特朗普的强势，日本和英国有被动增持迹象。 不管日本和英国是主动增持还是被动增持，都与中国无关，中国需要关心的，是减持美债的优劣好坏。 如果减持美债的好处多，自然不需要看别人怎么做。反过来，如果减持美债坏处多，就需要细细分析 了。 很显然，减持美债对中国来说，毫无疑问是好处远大于坏处，甚至是有益无害。首先，美国政府债务持 续攀升，已让美债的安全性越来越差。投资者也好，其他国家也罢，购买美债的最主要原因，都是美债 的安全性。毕竟，美国是世界第一大 ...

Group 1 - China has been reducing its holdings of US Treasury bonds, selling $900 million in May, leaving a total of approximately $750 billion, the lowest in 16 years [1] - China's gold reserves have increased to over 2,300 tons, with consistent purchases since November of last year [1][3] - The US national debt has reached $36 trillion, with annual interest payments amounting to $950 billion, raising concerns about future repayment capabilities [1][4] Group 2 - Other countries, including Brazil and Saudi Arabia, are also reducing their US Treasury bond holdings, indicating a broader trend of decreasing reliance on the US dollar [1][3] - The geopolitical situation, particularly tensions in Taiwan and the Korean Peninsula, is influencing China's financial strategy, prompting a diversification of investments [1][4] - China aims to maintain a balance in its investments to avoid destabilizing the market while preparing for potential economic sanctions from the US [3][8] Group 3 - The strategy of reducing US Treasury bonds has been ongoing since 2022, reflecting a long-term approach to financial security [4][6] - The shift in investment strategy is seen as a way to mitigate risks associated with US debt and to enhance negotiation leverage [3][4] - The overall impact of these adjustments could affect ordinary citizens, particularly in terms of foreign exchange reserves and international travel [6][8]

Core Viewpoint - The company has significantly reduced its holdings of U.S. Treasury bonds, reaching the lowest level in 16 years and now ranking third globally behind Japan and the UK [1][2]. Group 1: Current Holdings and Market Dynamics - The current holdings of U.S. Treasury bonds amount to approximately $750 billion after consecutive reductions in March and April [1]. - The liquidity of the bonds held is lower compared to short-term bonds, making it impractical to liquidate the entire position at once without causing market disruption [1]. - A large-scale sell-off would likely lead to a rapid decline in bond prices, resulting in a loss of wealth for the company [1]. Group 2: Strategic Considerations - Maintaining a position in U.S. Treasury bonds serves as a strategic leverage in international negotiations, particularly in response to U.S. policies such as tariffs [2]. - The company's holdings represent only 2% of the total U.S. Treasury market, indicating that a complete liquidation would have minimal sustained impact [2]. - The upcoming two years will see a significant amount of U.S. debt maturing, and selling bonds now could adversely affect the interest rates on new debt issuance [2]. - A gradual and strategic reduction of holdings is suggested as a more beneficial approach, aligning with the company's long-term interests [2].

Group 1 - China reduced its holdings of US Treasury bonds in April to $757 billion, down from $765 billion in March [1] - The UK increased its holdings to $808 billion in April, up from $779 billion in March [1] - Japan's holdings rose to $1.135 trillion in April, compared to $1.131 trillion in March [1]