No

Foreign exchange reserves cannot be spent casually as people imagine. Because China doesn't have that much gold, it needs something to preserve the value of China's currency. Then this thing is foreign currency. If one day you feel that you no longer trust the government, you can take the RMB in your hand and go to the government to exchange it. It is precisely because you can redeem the equivalent foreign currency that the RMB has the credibility to be used. The reason why it can be used to buy foreign treasury bonds is that foreign treasury bonds are also products of value and can also be used for preservation, so foreign exchange reserves can be used to buy foreign debts and keep them. Of course, it can also be used to buy physical objects such as oil, gold ore for storage, but the problem is that China's foreign exchange reserves are too large to purchase such a huge amount of basic materials without affecting market price fluctuations. With so much money, it can be said that whatever you buy will rise. If you buy everything, everything will rise. If they all buy physical goods, the foreign exchange reserves may shrink by more than 20%. What's even more terrible is that people who really want to use oil will have to bear higher oil prices, and industries that really want gold will have to bear higher production costs. This will harm people's livelihood. As for foreign treasury bonds, most countries do not sell so many treasury bonds. Only the United States sells so many treasury bonds. If the United States does not buy U.S. treasury bonds and prints its own money, the dollar will depreciate greatly. And the trillions of dollars we hold in our hands have depreciated greatly. Therefore, buying U.S. debt will allow the United States to print less money, so our losses will be smaller.

So, U.S. debt and the U.S. dollar are almost equal in terms of face value. Because the United States has good credit, the interest rates on U.S. debt are very low. For China, selling it is just converting the U.S. debt in the warehouse into U.S. dollars, and has no impact on China's domestic market liquidity.

However, selling U.S. Treasury bonds will lead to an increase in dollar bills on the world market. It will trigger inflation in the United States. As a result, countries around the world that hold U.S. debt will suffer losses. Governments that originally wanted to use U.S. debt to preserve value will want to sell U.S. debt. Because the more U.S. bonds sold by China, the lower their value will be. Therefore, China does not need to sell much U.S. debt before it causes panic among people holding U.S. debt around the world, who want to sell their U.S. debt before they suffer greater losses.

Once the U.S. debt is abandoned by global capitalists, the credibility of the United States will be ruined. The United States takes money and wants to buy things abroad, but people are not willing to sell them. Because the U.S. dollar has depreciated~

So the 1.6 trillion U.S. debt held by China is a financial nuclear bomb! Enough to level the entire U.S. economy. Of course, if all U.S. debt is sold off and the United States collapses, China will suffer serious internal injuries. Because China’s trade volume with the United States is still very large, if the United States returns to before liberation overnight, then China’s foreign trade enterprises, manufacturers, transportation, freight forwarding, shipping, insurance, warehousing, logistics, smelting and other industries engaged in export will Workers will all lose their jobs. Because Americans have no money to buy our stuff~~It will be normal for millions of people to lose their jobs by then.