US non-farm payrolls plummeted by 23,000, and US debt is approaching $39 trillion, with annual interest exceeding the defense budget. The Federal Reserve is caught in a dilemma regarding interest rate cuts. Wall Street is selling off US Treasuries through offshore channels and heavily allocating to RMB assets. Japanese and EU allies are also reducing their holdings of US Treasuries, making RMB assets a global safe-haven option.
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