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The article highlights China's gradual decline in its holdings of U.S. Treasury bonds, which fell to $633.4 billion in June 2023, reaching the lowest level since 2008. This contrasts with its peak of approximately $1.3167 trillion in 2013. The reduction is attributed to security, financial, and strategic reasons, as Beijing seeks to diversify its reserves and reduce reliance on the dollar—particularly following experiences with sanctions and impacts on financial markets. This shift is part of a long-term strategy to mitigate risks, involving the reallocation of investments into gold and local currencies rather than a direct diminishment of dollar or bond holdings for political pressure. Despite the decrease in holdings, it does not mean an outright withdrawal from dollar assets, as it would be difficult for Beijing to sell large quantities suddenly without negatively impacting the market—especially since global investors can absorb some of the supply. The article also points out that China's reduced demand could increase long-term U.S. financing costs, with reserve management continuing to focus on other instruments like gold and local currencies, while maintaining the potential to use bonds as an economic deterrent tool rather than a means for direct pressure.
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