Group 1 - The core viewpoint indicates a significant shift in China's foreign exchange reserve allocation, moving from a focus on U.S. dollar-denominated assets to a greater emphasis on gold as a stabilizing asset [1][3] - China's attitude towards U.S. Treasury bonds has evolved from a passive approach of simply collecting interest to a more flexible strategy that considers cost-effectiveness [3] - Recent data shows that China's holdings of U.S. Treasury securities have declined to their lowest level since the global financial crisis, reflecting a structural choice rather than mere market fluctuations [3] Group 2 - The balance between the U.S. dollar and gold is shifting, influenced by both financial and security considerations [1] - The volatility of single assets is increasingly being scrutinized, leading to a more strategic allocation of reserves [3]