静悄悄的变盘，往往比喧闹更有力量。 今年以来，中国外汇储备配置出现肉眼可见的"换挡"：一边下调美元债权重，一边把黄金推向"压舱 石"位置。 美元与黄金的那杆秤，正从金融逻辑、到安全逻辑，一起发生倾斜。 中国对美债的态度，已经从"躺着拿票息"，转为"看性价比灵活调"。 最新月份数据显示，中国持仓下行到全球金融危机以来低位，这不只是市场波动，而是结构性取舍。 单一资产的波动越来越 ...

Group 1 - President Trump announced a 30% tariff on goods imported from the EU and Mexico, effective August 1, and a 35% tariff on Canadian products [1] - The European Commission President Ursula von der Leyen stated that the EU will extend the suspension period for countermeasures against US tariffs until early August, emphasizing a preference for negotiation [3] - The UK economy has entered a recession for the second consecutive month, with May GDP declining by 0.1%, slightly better than April's 0.3% decline but still below economists' expectations [4] Group 2 - Brazil's Ministry of Finance raised its GDP growth forecast for 2025 from 2.4% to 2.5% [5] - Global foreign exchange reserve managers shifted their risk-averse asset allocation from the Japanese yen to the Swiss franc in Q1, selling a record $94.3 billion worth of yen and buying $66.7 billion worth of Swiss francs, increasing the franc's share in global reserves to 0.76% [5] Group 3 - The Dow Jones Industrial Average fell by 279.13 points to 44,371.51, a decline of 0.63%, while the S&P 500 and Nasdaq also experienced declines [6] - COMEX gold futures rose by 1.34% to $3,370.30 per ounce, and silver futures increased by 4.74% to $39.08 per ounce [6] Group 4 - Light crude oil futures for August increased by $1.88 to $68.45 per barrel, a rise of 2.82%, while Brent crude for September rose by $1.72 to $70.36 per barrel, up 2.51% [7] - The US dollar index rose by 0.21% to 97.853, with fluctuations in exchange rates against the euro, pound, and yen noted [7]

Group 1 - The core viewpoint of the articles highlights the significant shift in global financial dynamics, particularly the rise of gold as a key reserve asset, surpassing the euro and reflecting a trend of "de-dollarization" among central banks [1][3][4] - The latest U.S. inflation data has led to a decline in the dollar index and an increase in gold and oil prices, with expectations of potential interest rate cuts by the Federal Reserve [1][2] - Central banks are increasing their gold reserves at an unprecedented rate, with purchases exceeding 1,000 tons in 2024, double the average levels of the 2010s [2][3] Group 2 - As of May 2025, China's gold reserves reached 7,383 million ounces, marking the seventh consecutive month of growth, while the total foreign exchange reserves stood at $32,853 billion [3] - The global central bank's gold holdings are nearing the peak levels of the Bretton Woods era, currently at 36,000 tons, just shy of the 38,000 tons peak [2][3] - The trend of increasing gold reserves reflects a strategic shift towards diversifying reserve assets to mitigate geopolitical risks and enhance financial stability [3][4]

Core Viewpoint - The latest TIC report from the U.S. Treasury reveals significant changes in foreign holdings of U.S. Treasury securities, with the U.K. surpassing China to become the third-largest holder of U.S. debt, highlighting a shift in global investment patterns [1][6]. Group 1: Changes in U.S. Treasury Holdings - As of March 2025, China reduced its U.S. Treasury holdings by $18.9 billion, bringing its total to $765.4 billion, despite this amount being higher than in January 2025 and December 2024 [1]. - The U.K. increased its holdings by $29 billion in March, reaching $779.3 billion, thus overtaking China [1][6]. - Japan remains the largest foreign holder of U.S. debt, with a total of $1.1308 trillion after increasing its holdings by $4.9 billion [1][5]. Group 2: Other Notable Holders - The Cayman Islands showed a significant increase, adding $37.5 billion to reach $455.3 billion, raising questions about the origins of these holdings due to the Cayman Islands' small economy [3]. - Other countries, including Canada, Luxembourg, Belgium, France, and Ireland, also increased their holdings, contributing to a global total that surpassed $9 trillion for the first time, reaching $9.05 trillion [4][5]. Group 3: Strategic Implications - The U.K.'s increase in U.S. Treasury holdings is attributed to its strategic relationship with the U.S., which has resulted in favorable trade agreements, including significant reductions in tariffs [6]. - In contrast, China's strategy involves gradually reducing its U.S. Treasury holdings to diversify its foreign exchange reserves, which total approximately $3.2 trillion [8]. - China's reduction in U.S. debt holdings can also be viewed as a financial leverage tool in its negotiations with the U.S., although it is unlikely to engage in large-scale sell-offs in the short term [10].