#数字资产市场动态 💬 Data Shock: Overseas investors' holdings of U.S. Treasuries just surpassed $9.36 trillion, a new all-time high, with major global economies following suit by increasing their holdings—yet China is doing the opposite, reducing holdings for three consecutive months. The latest holdings have fallen to $682.6 billion, the lowest in 17 years since the 2008 financial crisis. Selling off $6.1 billion in one go is not a casual move.

Looking at the bigger picture: since 2022, China's U.S. Treasury holdings have fallen below one trillion dollars, coupled with tariff pressures, making diversification of foreign reserves an increasingly firm path. Meanwhile, the central bank has been active—adding gold reserves for 14 consecutive months, now reaching 74.15 million ounces. The contrast between these actions makes the strategic intent even clearer.

Interestingly, the U.S. side is also staging a show. Trump previously threatened to "deal with" Powell, then changed his tone, saying he wouldn't move against him for now. Why? Because U.S. CPI remains above the 2% target, and the market, IMF, and Euro Central Bank are all endorsing the Fed's independence. This political and market tug-of-war ultimately favors the credibility of the central bank.

The essence boils down to one sentence: countries are betting on the direction of U.S. interest rates, while China is betting on asset safety. Global capital continues to flow into U.S. Treasuries, but the East has quietly turned away—toward gold, diversified assets, and de-risking. A new layout is taking shape. The real market test may have just begun.