????同時(shí)，盡管中國(guó)持有的美國(guó)政府債券可能多得令人難以置信,，但中方并沒(méi)有多少手段可用,。中國(guó)政府可以拋售美國(guó)國(guó)債，但這樣做可能會(huì)讓后者的價(jià)格一瀉千里,，從而導(dǎo)致中國(guó)未拋售的那些美國(guó)國(guó)債貶值,。此外，華盛頓智囊機(jī)構(gòu)彼得森國(guó)際經(jīng)濟(jì)研究所（Peterson Institute for International Economics）高級(jí)研究員尼古拉斯?拉迪認(rèn)為,，無(wú)論賣掉多少美國(guó)國(guó)債,，中國(guó)政府都很難找到替代性的投資對(duì)象。由于歐債危機(jī)遲遲得不到化解,，中國(guó)一直不愿購(gòu)買歐洲債券,。同時(shí)，在市場(chǎng)深度和流動(dòng)性方面,，能和美國(guó)國(guó)債市場(chǎng)匹敵的市場(chǎng)并不多,。

????作為中國(guó)經(jīng)濟(jì)專家，拉迪還指出,，在最壞情況下,，也就是如果美國(guó)政府確實(shí)違約，中國(guó)則可能從長(zhǎng)遠(yuǎn)角度出發(fā)而重新估算所購(gòu)美國(guó)國(guó)債的價(jià)值,。而且就在民主,、共和兩黨爭(zhēng)論政府債務(wù)問(wèn)題之際，這種情況或許已經(jīng)出現(xiàn),。近年來(lái),，中國(guó)一直在設(shè)法改變外匯儲(chǔ)備投資中美國(guó)政府債券一家獨(dú)大的局面，以提高回報(bào)率同時(shí)降低風(fēng)險(xiǎn),?！度A爾街日?qǐng)?bào)》（Wall Street Journal）的分析數(shù)據(jù)顯示，截至今年6月份,，中國(guó)國(guó)家外匯管理局所持外匯資金中,，美國(guó)政府債券約占35%，而2010年6月份這一數(shù)字為45%,。

????如果中國(guó)減持美國(guó)國(guó)債的趨勢(shì)繼續(xù)下去,，就算未來(lái)美國(guó)的政府債務(wù)爭(zhēng)端依然存在，若干年后中國(guó)可能蒙受的損失也不會(huì)像今天這樣巨大。（財(cái)富中文網(wǎng)）

????譯者：Charlie??

????And while China may hold incredible amounts of U.S. government debt, it doesn't have much leverage. China could sell off Treasury debt, but then that risks sending bond prices into free fall, lowering the value of whatever Treasuries China may have left. And whatever Treasuries China sells, it will be hard for officials to replace its investments, says Nicholas Lardy, senior fellow at a Washington, D.C.-based think tank, the Peterson Institute for International Economics. China has been reluctant to buy European debt amid its own ongoing debt crisis, and there aren't many other markets to turn to that are as deep and liquid as the U.S. Treasury market.

????Lardy, an expert on the Chinese economy, adds that in the worst-case scenario if the U.S. does indeed default the country may re-evaluate its investments in U.S. Treasuries for the long-term. But that may already be happening separate from the Washington debt fight. In recent years, China has been trying to diversify away from U.S. government debt to seek higher returns and reduce risk. As of June, about 35% of the foreign-exchange funds held by China's State Administration of Foreign Exchange were in U.S. government debt, according to a Wall Street Journal analysis, compared with 45% in June 2010.

????If this continues, many years from now if the debt fights in Washington continues, China may have less at stake than today.