美国网友史蒂文•汉道克的回答
There are several very incorrect assumptions about this question!
这个问题有几个非常错误的假设！
According to the law, bonds need to be repaid on time. This is true in every country, especially in the United States! Only a country with a bankrupt reputation will not repay its debts, and then no one will buy its bonds again (just like Greece a few years ago).
1.根据法律，债券需要按期限偿还。在每个国家都是如此，尤其是在美国！只有一个信誉破产的国家才不还钱，然后就没有人再购买该国的债券了（就像几年前的希腊一样）。
2. China has been regularly purchasing US bonds. There is only one purpose: to save some money in a safe place! The United States will never go bankrupt. If they really get into trouble, they will only print more dollars to avoid bankruptcy. It is also safe because the US dollar will not depreciate 99% of the time, at least for the Chinese yuan.
2.中国一直在定期购买美国债券。目的只有一个：在安全的地方存点钱！美国永远不会破产。如果他们真的陷入了困境，他们只会印更多的美元，避免破产。它也是安全的，因为美元99%的时间都不会贬值，至少对人民币是这样。
3. China has the largest number of US bonds. This does not mean that China owns all US bonds! The US debt is $20 trillion. China has over $100 billion in bonds (plus $4 trillion in cash, but this is another issue). This is equivalent to 5% of US debt. No influence at all! 80% of US bonds are held by US investors!
3.中国是拥有美国债券最多的国家。这并不意味着中国拥有所有的美国债券！美国债务为20万亿美元。中国拥有1万多亿美元的债券（加上4万亿美元的外汇，但这是另一个问题）。这相当于美国债务的5%。根本没有影响力！80%的美国债券由美国投资者持有！
If China sells all before the deadline, they will be punished for selling before the deadline. The US dollar will temporarily depreciate, and China will receive less RMB from their bonds, which is not a wise and good deal! In a few days, other investors will rush to buy. There is no harm to the United States.
4.如果中国在期限前全部出售，他们将因在期限前出售而受到处罚。美元将暂时贬值，中国将从他们的债券中获得更少的人民币，不是什么明智的好买卖！几天后，其他投资者会争相买入。对美国没有损害。
In fact, the number of new bonds purchased by China is not as large as the number of old bonds sold, and the number of purchases by China has decreased by 10% compared to a year ago. It's just that China needs cash because its economic growth rate is not as fast as before.
5.事实上，中国购买新债券的数量不如出售旧债券的数量，中国购买数量比一年前减少了10%。只是中国需要现金，因为中国的经济增长速度不如以前。
China only owns a small part of the US debt, which is not a problem at all. By the way, the United States also has about 700 billion dollars of Chinese debt
中国只拥有美国债务的一小部分，这根本不是问题。顺便说一句，况且美国也拥有大约7000亿美元的中国债务…
海外网友菲利普•法布的回答
China is the world's largest single international trading country, and most international trade requires the US dollar as the settlement currency. Chinese companies earn one dollar for every thing they sell. But the US dollar is not the legal tender of China, and they must exchange the US dollar with local banks for RMB.
中国是世界上最大的单一国际贸易国，大多数国际贸易都需要美元作为结算货币。打个比方，中国公司每卖出一件东西，就赚一美元，但美元不是中国的法定货币，他们必须与本地银行将美元兑换成人民币。
Local banks will retain some foreign currency for their own services and exchange most of it with the central bank. The central bank will apply to the government to obtain more bills to exchange for foreign currency. In the end, these currencies became China's currency reserves and have been maintained in this state for the past 40 years.
本地银行将保留一些外币用于自己的服务，并与中央银行交换大部分外汇。央行将向政府申请获得更多票据以兑换外币。最终，这些货币成为了中国的货币储备，并且在过去的40年里一直保持着这种状态。
Although China wants to purchase more from overseas, there are many restrictions, such as:
尽管中国想从海外购买更多，但有很多限制，例如：
China has always wanted to sign agreements with the European Union to purchase some high-tech products, such as military equipment and machine tools.
中国一直想和欧盟签订协议，购买一些高科技产品，如军事设备和机床。
欧盟对华限制技术出口
For example, the European Rafale fighter jet is what China really wants. But due to the ban, China chose Russia's Su-27.
例如，欧洲的“阵风”战斗机曾经是中国真正想要的，但由于巴黎统筹委员会禁令禁令的原因，中国选择了俄罗斯的苏-27。
The first fighter team in China without any generation differences was the Su-27 fighter team.
中国第一支没有代差的战斗机队是苏-27战斗机队。
Due to the fact that the J20 is one of the only two truly fifth generation fighter jets currently in service and has been equipped for the Chinese People's Liberation Army Air Force, there is no reason to purchase the outdated "Rafale".
现在由于J20是现役仅有的两款真正的第五代战斗机之一，已经装备给中国人民解放军空军，因此没有理由购买过时的“阵风”。
The same thing happens when Chinese people try to purchase German CNC machine tools. China can now manufacture 5-axis CNC, but Germany is already in the 6-axis or even 7-axis field.
当中国人试图购买德国数控机床时，也会发生同样的事情。中国现在可以制造5轴数控，但德国已经在6轴甚至7轴领域。
Germans can sell their 5-axis CNC to China, but if you ask for 6-axis, they will answer "Sorry, we don't sell".
德国人可以向中国出售他们的5轴数控，但如果你要求6轴，他们会回答你“对不起，我们不卖”。
What else can I buy? Oil is controlled by the Organization of the Petroleum Exporting Countries and other countries. But in the end, the United States only used the US dollar as the settlement currency to control the oil market.
还能买什么？油石油输出国组织和其他一些国家控制着石油。但最终，美国只使用美元作为结算货币来控制石油市场。
Saudi Arabia used to sell oil to the United States at low prices. But in recent years, China has attempted to change this situation by purchasing at higher prices. This makes the United States very angry.
沙特过去常常以低价向美国出售石油。但近年来，中国试图通过以更高的价格购买来改变这一现状。这让美国非常恼火。
China has also imported a large amount of crops, but this is not enough to consume all the dollars the Chinese government wants to spend.
中国也进口了大量的农作物，但这还不足以消耗中国政府想要花费的所有美元。
With all the excess money, the Chinese government must find a way to use it and make it grow. Although interest rates have declined for decades, the US treasury bond bond is still one of the most reliable investment methods.
有了所有多余的钱，中国政府必须找到一种方法来使用它们，并使它们增值。尽管利率已经下降了几十年，但美国国债仍然是最可靠的投资方式之一。
No country can afford the consequences of the collapse of the United States, so they must continue to support it, just as the United States suddenly declared the failure of the Bretton Woods system.
没有一个国家能够承受美国分崩离析的后果，因此他们必须继续支持它，就像美国突然宣布布雷顿森林体系失效一样。
At that time, European countries held a large amount of US dollars. If they deny the credibility of the United States, this money will be worthless, which means huge losses. In order to save themselves, they chose to rely on American credit.
当时欧洲国家持有大量美元。如果他们否认美国的信誉，这些钱将毫无价值，这意味着巨大的损失。为了自救，他们选择依赖美国的信贷。
This also poses restrictions on the United States. Unlike what most people believe, China is not the largest bond holder in the United States, while Americans are.
这也对美国构成了限制。与大多数人认为的不同，中国不是美国最大的债券持有者，而美国人是。
If the United States declares that the bonds purchased by China are invalid, its entire credit system will collapse because the United States can also take similar measures against other countries, and there is no security guarantee at all.
如果美国宣布中国购买的债券无效，其整个信贷系统将崩溃，因为美国也可以对其他国家采取同样的措施，而且根本没有安全保障。
Therefore, the United States will not invalidate the bonds purchased by China, and China will still get interest every year (although I don't know whether this is just a digital distribution or whether China really gets something). The best way for China is to continue to buy US bonds.
因此，美国不会使中国购买的债券失效，中国每年仍会获得利息（尽管我不知道这只是一次数字发行，还是中国真的得到了一些东西）。对中国来说，最好的办法是继续购买美国债券。
Also, if the United States announces one day that it cannot repay, it would be even better because it would be a day of decline for the United States.
另外：如果美国有一天宣布无法偿还，那会更好，因为那将是美国衰落的一天。
In short, there is no better way for China to invest in its foreign exchange reserves.
总之：中国没有更好的方式来投资其外汇储备。
越南网友Jukjyu Guru Lam的回答
There is no possibility of "repudiation" in the design and launch of US treasury bond or any country's treasury bond. Unless the country collapses or the monetary system completely collapses.
美国国债，或任何国家的国债，在设计和推出时都没有“抵赖”的可能性。除非国家灭亡或货币体系彻底崩溃。
Generally speaking, it is an anonymous legal document and another form of currency. We can consider it as a futures currency. It sets a date and an interest rate. You first hand over the money to the issuing government, and when the bond matures, you can obtain the principal and interest through this document.
一般来说，它是一种不记名法律文件，是另一种货币形式。我们可以将其视为一种期货货币。它设定了一个日期和一个利率。你先把钱交给发行政府，在债券到期时，你可以凭借该文件获得本金和利息。
These bonds can be freely circulated in the market. Therefore, except for certain targeted bonds, the issuing country cannot determine who holds these bonds and who will come to redeem them. This also means that they cannot do anything to refuse exchange requests from specific countries.
这些债券在市场上可以自由流通。因此，除了某些定向债券外，发行国无法确定谁持有这些债券，谁将前来赎回。这也意味着他们不能做任何事情来拒绝特定国家的交换请求。
Either you declare bankruptcy and refuse all bond redemption requests. Either you follow the usual process to process all redemption requests.
要么你宣布破产并拒绝所有债券赎回请求。要么您按照通常的流程处理所有赎回请求。
Therefore, the bond issuer will make every effort to complete the repayment of the bond. This helps you maintain the credibility of the currency and the government. This means that more people will be willing to use the currency of the issuing country. Other countries or institutions are more willing to purchase these bonds in order to obtain stable interest returns. At the same time, it helps the government of the bond issuing country obtain funds beyond its current capacity.
因此，债券发行人将尽力完成债券的偿还。这有助于你保持货币的信誉和政府的信誉。这意味着更多的人将愿意使用发行国的货币。其他国家或机构更愿意购买这些债券，以获得稳定的利息回报。同时，它有助于债券发行国政府获得超出其当前能力的资金。
If they really haven't paid off their debts. The wiser approach is not to refuse repayment, but to increase the money supply. This means that inflation will dilute the value of money. In fact, debt issuing countries can use this method to bring negative returns to bond buyers, even if it appears that the bond is actually repaid at an agreed amount.
如果他们真的没有还清债务。更明智的做法不是拒绝偿还，而是增加货币供应。这意味着通货膨胀会稀释货币的价值。事实上，债务发行国可以使用这种方法给债券买家带来负回报，即使看起来债券实际上是以商定的金额偿还的。
But this approach is not without costs. Inflation is a major event in the entire field of currency circulation, and it is difficult to predict its impact. The direct reaction is that prices begin to rise and costs begin to rise. This may lead to unsustainable confidence in the investment market, leading to complex changes in the stock market. If done incorrectly, it may even lead to the collapse of financial markets after a brief false boom. Due to de facto 'defaults', this may affect the credibility of the issuing country's currency and investment market.
但这种做法并非没有成本。通货膨胀对整个货币流通领域都是一件大事，你很难预测它会产生什么影响。直接的反应是价格开始上涨，成本开始上升。这可能会导致对投资市场的不可持续信心，从而给股市带来复杂的变化。如果做得不正确，甚至可能导致金融市场在短暂的虚假繁荣之后崩溃。由于事实上的“违约”，这可能会影响发行国货币和投资市场的信誉。
However, it is evident that this is the strategy currently being pursued by Americans.
然而，很明显，这正是美国人目前正在推行的战略。
Therefore, we should pray that the US dollar market in circulation remains as stable as possible to allow bondholders like China to complete the conversion of maturing bonds. At least stopping losses in a timely manner is better than nothing. After that, China will carefully evaluate the expected return of US treasury bond bonds as basic investment. If confidence is insufficient. China will gradually reduce its holdings of US treasury bond. This is what China is doing.
因此，我们应该祈祷流通中的美元市场尽可能保持稳定，以允许像中国这样的债券持有人完成到期债券的兑换。至少及时止损总比什么都没有好。之后，中方将仔细评估美国国债作为基础投资的预期回报。如果信心不足。中国将逐步减持美国国债。这就是中国正在做的事情。
However, due to the super position of the US dollar, it seems that it can still maintain a certain degree of stability after excessive issuance. Although maintaining the stability of the excessively issued US dollar is actually at the cost of sacrificing the world. That is to say, by printing dollars, the United States exported inflation to the world. The stability of the US dollar is supported by the free exchange of world resources.
然而，由于美元的超级地位，它在过度发行后似乎仍然能够保持一定的稳定性。尽管维持过度发行的美元的稳定实际上是以牺牲世界为代价的。也就是说，通过印刷美元，美国向世界输出了通货膨胀。美元的稳定是通过无偿交换世界资源来支撑的。
At present, there is no economic theory that can predict the boundaries of the US dollar's hegemony. As is well known, the US dollar has remained unchanged since the last US dollar crisis, which was the collapse of the Bretton Woods system. We don't yet know what the future holds. What we know is that the collapse of the US dollar system is not a good thing for anyone. This is true even for China.
目前，没有任何经济理论可以预测这种支持，即美元霸权的边界在哪里。众所周知，在上一次美元危机后，即布林顿-伍兹体系崩溃后，美元一直保持不变。我们还不知道未来会怎样。我们所知道的是，美元体系的崩溃对任何人来说都不是一件好事。即使对中国来说也是如此。
英国网友卢克•康罗德的回答
Let me provide another answer. If you have a lot of money, you must do something with it, which is a problem.
让我提供另一个思路。如果你有很多钱，你必须用钱做点什么，这就是一个问题。
You are a Chinese company that sells goods to the United States and can earn a lot of dollars. You must pay the wages of your workers and suppliers, so you hand over the US dollars to Bank of China and they will exchange them for RMB. The bank now has a lot of dollars, how does it handle it?
你是一家中国公司，你向美国销售商品，你可以得到很多美元。你必须支付你的工人和供应商的工资，所以你把美元交给中国银行，他们换给你人民币。银行现在有很多美元，它是怎么处理的？
At the end of the day, it has to buy something sold in US dollars, what could that be?
一天下来，它不得不买一些以美元出售的东西，那可能是什么？
Suppose another Chinese company imports goods from the United States and sells them to Chinese people. That company needs to convert Chinese yuan into US dollars in order to pay bills to American companies. The problem has been solved, but as we know, China's exports outweigh imports.
假设有另一家中国公司从美国进口东西并卖给中国人。那家公司需要将人民币兑换成美元才能向美国公司支付账单。这样问题解决了，但正如我们所知，中国的出口多于进口。
You can buy some things for sale in US dollars. For example, real estate in the United States, or companies on the American Stock Exchange. But this is not a good business for banks. The bank is very familiar with local customers and provides them with loans to help them carry out transactions. It knows very little about operating apartment buildings on the other end of the world. We are not talking about millions or even billions here, but trillions.
你可以用美元买一些待售的东西。比如美国的房地产，或者美国证券交易所的公司。但这对银行来说不是一笔好生意。银行非常了解当地客户，并向他们提供贷款，帮助他们进行交易。它对在世界另一端经营公寓楼知之甚少。我们在这里谈论的不是数百万，甚至数十亿，而是数万亿。
Then, the effect of US treasury bond bonds is just right. You can buy and sell them at any time. They pay interest and pay at maturity, so you know what you will get if you hold them. Unlike corporate bonds, you don't have to worry about studying the financial situation of companies and whether they will go bankrupt in a few decades.
那么，美国国债的效果正好。你可以在任何时候买卖它们。它们支付利息并在到期时支付，这样你就知道如果你持有它们会得到什么。与公司债券不同，你不必担心研究公司的财务状况，担心它们几十年后是否会倒闭。
Moreover, this is not a loan from China to the United States. Bonds are traded around the world, and when the bonds mature, the United States only needs to make payments to the holders of the bonds. You don't need to particularly like the United States, nor do you need to maintain good relationships with them. Yes, the bonds have been repaid. US treasury bond bonds have never defaulted on interest or principal.
此外，这也不是中国对美国的贷款。债券在世界各地交易，当债券到期时，美国只需向持有债券的人付款。你不必特别喜欢美国，也不必与他们保持良好的关系。是的，债券已经偿还了。美国国债从未拖欠利息或本金。
Other countries also have bonds, such as Japan and the European Union, but their bond liquidity is not as high as that of the United States. In addition, now you must start more complex currency transactions (selling dollars to obtain euros, then buying European bonds in euros...). When you purchase bonds from smaller countries, you must be more concerned about stability issues, which makes the situation more complex.
其他国家也有债券，例如日本和欧盟，但它们的债券流通量没有美国那么多。此外，现在你必须开始进行更复杂的货币交易（出售美元以获得欧元，然后用欧元购买欧洲债券……）。当你从较小的国家购买债券时，你必须更加担心稳定问题，因此情况变得更加复杂。