Lian Liu, the author of Zhihu, thinks that American debt has the best liquidity, because American financial industry is the most developed in the world. All major financial institutions are investing in American debt, and everyone holds American debt. American debt can be easily realized in the market, and it can be converted into dollars at any time to meet the payment, and it also has interest.

Other financial products (such as stocks) are too risky compared with American debt and are not suitable for long-term investment; It is not cost-effective to buy commodities (such as ore). ), because it is impossible to preserve and increase the value of something bought with such a large sum of money; Buy gold? No, because the currencies of all countries in the world have been decoupled from gold, and gold is in the hands of central banks. The total amount of gold on the market is too small. Most of the gold on the market is in the hands of British and American speculators, and they can't buy it if they want to.

So can these dollars be used to invest in domestic construction? I can't. Because these US dollars have been converted into equivalent RMB when they enter China, putting US dollars into the domestic market at this time is equivalent to over-issuing currency, causing domestic inflation.

Therefore, holding American debt is the most reasonable investment method at present. If the investment in American debt is reduced, the dollar cash will evaporate instantly with the exchange rate falling, and our government will pay huge interest for it. At the same time, as a super economy like China, it has considerable market influence. If we reduce our investment in US debt, we will send a message to the world: "Look down on the US economy". In this way, the US dollar and US debt will further depreciate, leading to more evaporation of US dollar and US debt in our hands, and the US economy will decline, thus reducing imports to China and triggering a chain reaction. The United States will take this opportunity to over-issue currency, leading to further depreciation of the dollar. Therefore, buying American debt and letting dollars flow back to the United States can reduce the excess money in the United States and promote the development of the American economy, which is also beneficial to China. (Refer to webpage link, changed)